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44AD and Rule7A

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Audit Associate
24 Points Posted on 10 November 2021

I would like to get an opinion on the following

An Assessee (Individual) having Sales of Rs.3 crore (Rubber) during the year

can we adopt presumptive taxations us 44AD for 1.05 crore (being 35% of sales) and declare a profit of  8.40 lakh and the remaining 1.95 crores as agricultural income?

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On 10 November 2021 at 16:59 Report
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Chartered Accountant
24588 Points Posted on 10 November 2021
Yes you can show but in case of rubber agricultural income for business purposes is 35% of profit from rubber business
129 Reply
On 10 November 2021 at 17:33


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