Presumptive taxation u/s 44as

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Anil Kumar (Querist)
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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!

Anil Kumar

Anil Kumar (Querist)
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11 August 2016 Incorrect subject line

Amol S Joglekar

Amol S Joglekar (Expert)
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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

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