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Section 44ad

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Querist : Anonymous

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Querist : Anonymous (Querist)
27 July 2014 As 8% specified in 44ad is minimum %.
can i assume morethan 8%...??
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
27 July 2014 yes you can assume more than 8%......
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CA Sachin D Jain

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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?
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Nikhil Kaushik

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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.
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