Profit as per normal books of account 450000, and 8% of turnover is 260000. in the above case can we declare 8% u/s 44AD.
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Replies (3)
Yes... You can if your business is eligible and Follow as per sec 44AD...
in above case whether i have to file p&l and balance sheet?? if itr shows profit higher than 8%?
if opt to Presumptive Taxation scheme then no need to File PandL and BS except Debtors & Creditors Balance, Stock and Cash. Also these are not mandatory...
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