my honorable persons as per tax audit section 44 ad,
what is 8% 6% 5% of profit determine could you please give me of these three examples??
how can I determine my profit threshold limit??
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@ Which percentage use
Replies (1)
Say turnover is X.
of which cash turnover is XC
& turnover by banking channel is XB; So total turnover = [XB+XC]
So the minimum profit as per sec. 44AD that is arrived at is 6%(XB)+8%(XC).
Assessee can declare more profit than above minimum stipulated.
5% comes under sec. 44AB, which if you require can be explained, but its not connected with sec. 44AD of IT act.
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