Presumptive taxation scheme under 44ad
This query is : Resolved
10 March 2018
Respect to all,
Under presumptive taxation scheme under 44AD Gross Net profit fixed for 8% on total Gross receipts?
for example My Gross receipts is Rs. 20,00,000/- and My profit % exactly shown on 8% or above or incase My profit % is 15% is it shown it or net?
and second doubt is Under ITR -4S return as 2 columns are there 1) is Sundry Debtors and 2) is Sundry Creditors
Total Debtors and Creditors value shown in return including taxes or Excluding Taxes?
Please Clarify us
Under presumptive taxation scheme under 44AD Gross Net profit fixed for 8% on total Gross receipts?
for example My Gross receipts is Rs. 20,00,000/- and My profit % exactly shown on 8% or above or incase My profit % is 15% is it shown it or net?
and second doubt is Under ITR -4S return as 2 columns are there 1) is Sundry Debtors and 2) is Sundry Creditors
Total Debtors and Creditors value shown in return including taxes or Excluding Taxes?
Please Clarify us
Nikhil Kaushik
(Expert)
10 March 2018
as long as you are showing equal to or more than 8%, anything is fine. So if you want to declare 15% profit, then mention 15% of the 20 lakhs as profit.
for debtors and creditors, mention gross amount due from them include taxes.
for debtors and creditors, mention gross amount due from them include taxes.
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
- Reward for festival
- 18% Rent a cab
- Movement of goods by packers and movers - type of sale - Reg.
- Clarification on GST, TDS, and Accounting Provisions for Import/Export
- Gst credit note by supplier
- Clarification on GST, TDS, and Accounting Provisions for Import/Export Commission Agents,profes. ser
- Appointment of Auditor By Form ADT-1
- TDS Return Statement Status
- Rectification under processing even after 6 months cpc portal
- Closer of business and itc of capital goods
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
- ITC not to be taken in accounts & GSTR-3B
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
