Presumptive taxation u/s 44as
This query is : Resolved
Anil Kumar
(Querist)
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!
Anil Kumar
(Querist)
11 August 2016
Incorrect subject line
Amol S Joglekar
(Expert)
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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