Presumptive taxation
This query is : Resolved
Vishvajitsinh
(Querist)
29 December 2010
An assessee is maintaining books of account and profit disclosed by it is 10% of turnover but he wants to disclose his income as per Sec. 44AD, which is 8% of turnover, and further as per sec.44AD an assessee is not required to maintain books of account, so the question is whether ASSESSING OFFICER can demand books of account under sec.142(1)when income is disclosed as per sec. 44AD?
CA Gangadhar Mishra
(Expert)
29 December 2010
No the AO can't insist for books of a/cs if you are assessed u/s 44AD.
Vishvajitsinh
(Querist)
30 December 2010
so can have a resort to sec.44AD even if I am having income more than 8% of turnover?
CA Gangadhar Mishra
(Expert)
30 December 2010
Sec 44 AD specifies the minimum estimated NP @ 8% , but you can show a higher profit also.
Vishvajitsinh
(Querist)
30 December 2010
I am already having income more than 8% of turnover as shown by the books of account maintained by me but I want to have a resort to sec.44AD, can I?
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Accounting treatment of AMC alongwith the purchase of Laptop
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Taxation of crypto futures in India Fy 2026- 2027
- Issuing of delivery challan by seller of goods
- Transfer of Physical Stock Between Two Proprietorship Concerns
- EPF ECR NEW RULES Sep 17th 2026
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
