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Section 44ad

This query is : Resolved 
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(Querist)
30 December 2011 Can we pay tax @ 8% on gross receipts even though actual net profit is above 8%?. For example, if my business turnover is 40 lacs and my actual profit is 10 lacs; now, can i pay tax on 3.2 lacs (8% of 40 lacs) and keep quite?
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vipul Shah

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vipul Shah (Expert)
30 December 2011 Yes u can pay tax on 8% income
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
31 December 2011 You can show income @ 8%, but such claim can be questioned by AO on the basis of normal return available in this type business.
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Krishna Mohan

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Krishna Mohan (Querist)
02 January 2012 Siddhartha, this is not transfer pricing yaar. AO has to take only one stand; either accept 44AD or not; he cannot compare IT returns with that of others. Other experts, please respond.
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Aashok Kumar Sharma

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Aashok Kumar Sharma (Expert)
23 July 2025 https://docs.google.com/document/d/1dUBobtIrbzOag5EdCMAG3VN4VJFvtJiIegkI8aj11jc/edit?usp=sharing
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