Presumptive taxation on USD income and Buying assets

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Prakash (Querist)
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26 September 2024 All of my income is in USD. My expenses are very low.
I am filing taxes under presumptive taxation scheme for business.
If i show greater than 8% of my turnover as profit but lesser than actual profit I made, What are my risks ?
Is there risk of getting a scrutiny If I buy assets that are worth more than the income on which i paid taxes ?
Are there any risks If I put all the money in Fixed deposits or savings bank account (because of TDS)
How do I safely build assets, what are the best practices I need to follow ?
I might use services of someone who is expert in this field answers my doubts clearly. I am fast growing individual who is looking to expand and looking for best tax consultant

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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26 September 2024 What is your nature of business?

Prakash

Prakash (Querist)
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26 September 2024 @Dhirajlal Software products sales and service

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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26 September 2024 Are you purchasing software from market (dealer) or developer?

Prakash

Prakash (Querist)
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26 September 2024 Sir, I am building my own software and renting them on monthly basis, I also provide software development services to one client but it is 10% of my turnover

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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26 September 2024 That means you are service provider and your services will not fall under eligible business u/s. 44AD IT act.

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