My individual income tax return is filed under Section 44AD under Presumptive Taxation from past 5 years. I am into Contract business and my tds gets deducted under Section 194C.
The total turnover of my business is coming to Rs. 9 lacs as per Form 26AS and after booking of business expenses the profit is coming to Rs. 6 lacs.
My query is since my return is filed under Section 44AD can I show profit at 8% of the turnover which comes to Rs. 72,000 instead of showing higher profit.
CAclubindia
