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?
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% related to no case accounts
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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.
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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