07 July 2012
Dear Sir we want income tax return in 44AD our concern is profit above 8% if we are income tax return filling in 44AD can income tax deposit minimum necessary our concern turnover is 15,00,000 approx so net profit is 140000 approx and concern is proprietorship concern can we have deposit some income tax necessary
U/s 44Ad you have to declare minimum 8% income, not less than that. if your income is greater than 8% then you have to declare the same. If your income exceed basic exemption limit then only you have to deposit the tax.
CAclubindia
