Deceleration under Sec 44AD
This query is : Open
17 July 2017
If my business turnover is below 2 crores but the profits are more then 8% can I file my return under Sec 44AD if yes then how will I show the extra profits in my income tax return
17 July 2017
You can file your return showing income more than 8%.
Fill actual profit amount in book profit column.
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17 July 2017
Madam Can I show only 8% what do the rules say?
17 July 2017
This was my question I know I can declare more than 8%
17 July 2017
Yes you go to file your return profit @ 8% .... No more issues...
17 July 2017
Sir If I declare 8% and my profits are more how will I explain my profits minus 8%
17 July 2017
If you file u/s 44ad you don't be explain. Just you can pay tax liability after computation. You can keep the source of income that is enough.
If you can declare less than 8% you ll be fall under Tax Audit....
17 July 2017
Sir mine is a proprietorship firm in my return do I need to show the extra income in my returns
17 July 2017
If I don't then my return and balance sheet won't match
17 July 2017
1. You can pay tax your actual income
2. You can pay tax 8%
3. U/s 44ad and you file ITR 4 it's just enter the balances like Debtors, Creditors, Cash and Stock it's enough in that form.
4. You can prepare Balance Sheet and Profit & Loss A/c yourself...
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