Section 44ad
This query is : Resolved
Dhaval Garach
(Querist)
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 ?
Sumit Grover
(Expert)
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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