19 December 2012
dear, if my net profit more than 8% than can i prepair return ITR-4s? for EXM. suppose my turnover 15,00,000 and i show net profit 140000 (as per 8% my profit 120000). i show my profit more than 8%. can department ask me i show profit more than 8% it indirectly i prepaired books of account. can department raise notice for checking books of account. my actual doubt is can i show profit more than 8%.
19 December 2012
You can file ITR-4S. And department never ask for excess income offering than required it asks for only lower income offering than required. However section 44AD indicating minimum 8% income but not should be 8% income so you can offer higher rate of income than 8%.
CAclubindia
