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U/s 44AD Presumptive Income - ITR

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(Querist)
19 August 2023 A company has opted section 44AD Scheme & as per the terms is opting to file return at 8% turnover, whereas the actual books show a profit of 12%. What should be taken for computation of taxable income.
Please Guide.
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
19 August 2023 A company cannot opt for presumptive assessment u/s, 44AD, unless you mean it to be any individual or HUF or partnership firm.
In that case you can declare any income be actual or any thing equal or above 8 %.
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
10 September 2024 Good Luck.
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