Taxable income u/s 44 ad
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
08 June 2014
I have a client who is dealer of Buildings construction material (like tiles, tiles chemical etc.) gross turnover around 50 lacks . in 44 AD he claimed around 22%, 20% margin of gross turnover in last two assessment years .now can i take around 10 % margin of gross turnover ...and if i take ..is it probable in scrutiny ..?
Nikhil Kaushik
(Expert)
09 June 2014
as long as profit is more than 8%, there is no issue.
Message likes :
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Rupesh Jain
(Expert)
09 June 2014
if your net profit is more than 8% of gross turnover then you can file the return u/.s 44AD
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Nikhil Kaushik
(Expert)
09 June 2014
Rupesh Bhai he is already doing so. atleast read the query.
10 June 2014
scruinty criteria is defined by dept and u cannot predict with certasinity whether scrtiny will come or not.
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