banner_ad

Section 44ad

This query is : Resolved 
Profile Image

Profile Image

(Querist)
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
Profile Image

CA R SEETHARAMAN

Profile Image

CA R SEETHARAMAN (Expert)
14 October 2018 No legal issues he can opt 44AD and declare 14 lacs profit even actual profit is more.
Profile Image

RAJA P M

Profile Image

RAJA P M (Expert)
14 October 2018 Yes... I agreed to Mr CA SEETHARAMAN Sir. No more problems. You can declare 14 Lakh profit as 8 percentage.
Profile Image

SUBHASH MISHRA

Profile Image

SUBHASH MISHRA (Querist)
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


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news



Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
11 May 2026
Post office

Post office

Anakapalle

Others

View Details
Company
22 May 2026
U.S. Financial Reporting & Consolidation Manager

Karia Overseas

Ahmedabad

CA

View Details
Company
14 May 2026
Financial Analyst - Remote Finance Expert

HiringBridge

Ahmedabad

CA

View Details
Company
01 June 2026
Audit, Taxation & Compliance Executive

R P S K & Associates

Nashik

CA Inter

View Details
Company
19 May 2026
Fundraising Expert

MentorsWorld Ventures Private Limited

Ahmedabad

Others

View Details
Company
19 May 2026
Accountant

ca kunjan

Mumbai

CA Inter

View Details
Company
23 May 2026
Account Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
Featured 26 May 2026
Account Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details