44AD and Rule7A

125 views 1 replies

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?

Replies (1)
Yes you can show but in case of rubber agricultural income for business purposes is 35% of profit from rubber business

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