% related to no case accounts

ITR 212 views 4 replies

Is there any percentage of income to be shown in no accounts case under 44AA if turnover is less than 25  lakhs and income less than 2.5 lakhs? 

Replies (4)
There is no such percentage requirement. However it is advisable to show atleast the profit margin/rate which is generally in the business/profession the assessee is in.

The income tax as per sec 44ad atleast expects 8% of turnover in business and 50% in profession as per 44ada. This is just for information.
You need to show minimum 8% income in no account case. If your cash transactions are less than 5% of total transactions then you can declare minimum 6% income
There's no such requirement, when your total sales or gross receipts doesn't exceed 1 cr. if it exceeds 1 cr and less than 2 crores then either you have to audit your books or declare 8% of turnover as your total income.

Agreed with Rama Krishnan Sir, add this also to my reply 


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