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Querist : Anonymous

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Querist : Anonymous (Querist)
21 April 2014 Assessee gross receipt from eligible business is 15.00 lacs (all receipts through bank) and expenses are say 10.00 lacs (all expenses through bank). Is it possible to still show a income if 8% i.e 1.2 lacs or will he have to calculate his income which would be 5.00 lacs.
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Rupesh Jain

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Rupesh Jain (Expert)
21 April 2014 YOUHAVE NOT MENTION THE NATURE OF BUIENSS/PROFESSIONA

ITS BUSIENSS THE YOU HAVE TO DECLARE INOCME U/S 80AD 8% OF GORSS RECEIPTS.
YOUR CAN FILE RETURN IN FORM 4S OR FORM -4

IF YOUR BUSINESS UNDER SPECIFIED PROFESSION THEN YOU HAVE TO DECALRE THE PROFIT AS IN YOUR BOOKS
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
21 April 2014 assuming that you have mentioned that the income relates to an eligible business, I suggest that you can still show 8% profit. once 44AD applies, you have every right to show only 8% as profit. AO cannot make addition on the basis that excess profit was made on the basis of review of bank statements.

so please file ITR4s and claim 8% profit.
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