UNDER SECTION 44AD
This query is : Resolved
08 July 2020
UNDER SECTION 44AD PROFIT IN 8%
& 6%
ASSESS CAN SHOW PROFIT 100%
BCZ ASSESS INCOME UNDER 300000/-
& 6%
ASSESS CAN SHOW PROFIT 100%
BCZ ASSESS INCOME UNDER 300000/-
VIKASH KUMAR
(Expert)
08 July 2020
Under Sec 44AD 8% & 6% is the minimum percentage of profit that can be declared
assess can declare any profit higher than that
However, it should be kept in mind that the percentage of profit should be near to industry profit rate , further, if you declare 100% profit then the comparative profit percentage should be maintained in future year also , any substantial decrease of profit percentage indicate suppression of fact, and income tax department me ask reason of such change
Conclusion:
disclosed profit percentage which is genuine and reasonable.
assess can declare any profit higher than that
However, it should be kept in mind that the percentage of profit should be near to industry profit rate , further, if you declare 100% profit then the comparative profit percentage should be maintained in future year also , any substantial decrease of profit percentage indicate suppression of fact, and income tax department me ask reason of such change
Conclusion:
disclosed profit percentage which is genuine and reasonable.
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