Presumptive taxation u/s 44as
This query is : Resolved
11 August 2016
Respected Experts,
1) Is presumptive taxation u/s 44AD specifically prohibited for business income derived from trading in futures and options?
2) Will a taxpayer being assessed u/s 44AD be legally right if he/she declares net profit just equal to 8% of turnover even if the actual net profit is more than 8%? I mean to ask whether declaring the actual profit (if more than 8%) is a legal obligation of the taxpayer?
Many thanks in advance!
1) Is presumptive taxation u/s 44AD specifically prohibited for business income derived from trading in futures and options?
2) Will a taxpayer being assessed u/s 44AD be legally right if he/she declares net profit just equal to 8% of turnover even if the actual net profit is more than 8%? I mean to ask whether declaring the actual profit (if more than 8%) is a legal obligation of the taxpayer?
Many thanks in advance!
11 August 2016
Incorrect subject line
12 August 2016
the income tax works with DECLARATION as provided by the assessee through Return Of income.
If in reality the profit is more than 8% and by incorrect interpretation of sec 44AD, the assessee declares 8% profit, the assessee will be carrying a great RISK in days to come
If in reality the profit is more than 8% and by incorrect interpretation of sec 44AD, the assessee declares 8% profit, the assessee will be carrying a great RISK in days to come
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