Income us 44ad
This query is : Open
deepak kumar
(Querist)
08 September 2017
DEAR SIR ,
IF SOMEONE DEPOSITE D CASH IN BANK EARN FROM BUSINESS RS 80LAC DURING FINANCIAL YEAR , ACTUAL PROFIT IS 60-70 %, CAN HE DECLARE PROFIT 8% US 44AD, ALSO HAVING DEBTORS APPOX 20-25 LACS
KINDLY GIVE YOUR VALUABLE SUGGESTION
CA Rashmi Gandhi
(Expert)
08 September 2017
Yes you can.........
deepak kumar
(Querist)
08 September 2017
if income tax department asks for calculation of profit which is too high, then what I should I reply
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CA Rashmi Gandhi
(Expert)
10 September 2017
Not asked by deptt if you opt under 44AD. He will considered it as sufficient profit.
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