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Income us 44ad

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(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
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CA Rashmi Gandhi

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CA Rashmi Gandhi (Expert)
08 September 2017 Yes you can.........
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deepak kumar

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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

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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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