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Sec 44ad

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(Querist)
24 August 2014 Sale is 25 lac

Actual profit is rs 130411
exempt income are Rs 91845

whether i can declare profit Rs 201000 (i.e.>8% of net turnover) in return only, and use the benefit of sec 44 ad.

ITR 4 SHOULD BE Submitted since exepmt income more thn 5000.
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
24 August 2014 yes you can. and yes, you have to use ITR4
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lokesh

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lokesh (Querist)
24 August 2014 dear sir

which profit should be used to in forming balance sheet.

130411

or deemed profit
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
24 August 2014 there wont be any balance-sheet once you use 44AD
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lokesh

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lokesh (Querist)
24 August 2014 balance sheet made for future year nd own purpose only.

not talking to fill it in return.
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
24 August 2014 in that case always use the actual profit. because otherwise, the balancesheet wont tally

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