Section 44ad
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
27 July 2014
As 8% specified in 44ad is minimum %.
can i assume morethan 8%...??
can i assume morethan 8%...??
27 July 2014
yes you can assume more than 8%......
28 July 2014
If profit and loss account is prepared and the profit eventually arrived at is less than 8% of turnover, then is it correct to file the return on the basis of profit and loss account?
28 July 2014
Well you have the option of doing so. But you will have to get your accounts audited under 44AB to claim less than 8% profit.
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