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%...??
Nikhil Kaushik
(Expert)
27 July 2014
yes you can assume more than 8%......
CA Sachin D Jain
(Expert)
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?
Nikhil Kaushik
(Expert)
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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Late Filing Fee Waiver for Q1 Form 144 (Earlier 27Q) – Transition to Income-tax Act, 2025
- GST input credit on commercial property
- GSTR-9C filing
- GST ITC as per notification 12/2023- central tax
- Urd purchase entry in tally prime
- Advances to related party
- Royalty payments to the Mining Department for procurement of murum - GST input
- IMS (import of goods) ITC related
- Applicability of tax on invoice
- Gift to nri relatives residing in usa
- LLP audit and disclosure
- Subject: Legal Remedy for Removal of Income Tax Demand for AY 2024–25 – Charitable Trust
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
