my father is a retail trader. actual net profit = 15% but can we just show 8% alone using 44 AD? 2) If we adopt 8%, then shall we continue to maintain the cash book / day book on actual basis as usual? in that case, cash bal. as per balance sheet will be LESS & cash bal. as per cash book will be MORE.. pls guide.
26 July 2011
if u adopt the filing of ITR under the section 44AD, there is no requirement to put Balance Sheet Figures (and cash) in ITR.. Just compute Tax @ 8% and compute tax accordingly..
CAclubindia
