Section 44ad
This query is : Resolved
Bhavin Jariwala
(Querist)
26 July 2012
My business profit is Rs. 3,75,000.
And Rs. 400,000 (50,00,000 * 8% Of Turnover).
Then, which profit should be considered??
3,75,000 or 4,00,000???
I came to know that it will be whichever is higher... So, am i right or wrong???
Please, suggest me which profit should be considered???
And Rs. 400,000 (50,00,000 * 8% Of Turnover).
Then, which profit should be considered??
3,75,000 or 4,00,000???
I came to know that it will be whichever is higher... So, am i right or wrong???
Please, suggest me which profit should be considered???
Amol S Joglekar
(Expert)
26 July 2012
you have a CHOICE whether to go by 44AD or not. If you go by 44AD, no need to keep books of account (turnover less that 60 lakh)If you want to go by actual profit which is less than 8 %, get your accounts audited and then file the reurns.
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