Presumptive profit for developer firm
This query is : Resolved
JAYESH R SHAH
(Querist)
07 November 2014
partnesrhip firm in the business of developement of property sold 6 flat out of total 10 flat and registration is complete
1. whether presumptive profit @ 8% benefit available to firm
2. if yes whether the market value of flats consider for gross receipts becasue bank receipts are lower due to balance payment pending
1. whether presumptive profit @ 8% benefit available to firm
2. if yes whether the market value of flats consider for gross receipts becasue bank receipts are lower due to balance payment pending
Nikhil Kaushik
(Expert)
07 November 2014
the turnover will be computed on the basis of the accounting method used by the firm
if the turnover so computed is less than 1 cr, you can offer income at presumptive rate of 8% under section 44AD
if the turnover so computed is less than 1 cr, you can offer income at presumptive rate of 8% under section 44AD
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