Section 44ad
This query is : Resolved
16 March 2013
If an assessee has maintained books of accounts and profit as per P & L A/c is 210000/- and turnover is 530000/-, is he eligible to claim his profit to be 8% of turnover on presumptive basis or he has to file his return of income with a profit as per P&L A/c ?
16 March 2013
Yes, he is eligible to go for presumptive taxation, provided he is not carrying on the business of agency, or not earning income in the nature of commission/brokerage
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