Section 44ad

This query is : Resolved

SUBHASH MISHRA (Querist)
Follow

13 October 2018 Respected sir,
A person maintains full books of accounts and as per that he is having turnover of Rs. 1.75 Crore. As per his profit and loss account he is having a net profit of Rs. 18 Lakh. But he wants to declare his profit of Rs. 14 Lakh @ 8% (As per section 44AD of the I.T. Act).
My question is that – What kind of legal situation may arise in this case. Please guide.
With regards

Subhash

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
Follow

14 October 2018 No legal issues he can opt 44AD and declare 14 lacs profit even actual profit is more.

Message likes : 1 times

RAJA P M

RAJA P M (Expert)
Follow

14 October 2018 Yes... I agreed to Mr CA SEETHARAMAN Sir. No more problems. You can declare 14 Lakh profit as 8 percentage.

Message likes : 1 times

SUBHASH MISHRA

SUBHASH MISHRA (Querist)
Follow

15 October 2018 Thank you very much sir...

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Tushar Gupta

madhuseshu yathirajam

CA.K.RAMAKRISHNA. PRABHU

Krishnan V

chandradhass sathish

Subscribe Now

Section 44ad

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA