44AD presumptive taxation

44AD Presumptive taxation is irrespective of actual profit/loss of Assessee. It is payable on Turnover/Gross Sales/Gross receipts at specified percentage i.e 8%/6% as the case may be.

If assessee wants to claim lower income than 8% presumptive income, he can claim so but subject to tax audit . (Read sec.44AD(4) + 44AB together)

In statutory books, you will just record 'Tax expense/(Deferred) if you opt presumptive income.

Agree with Mr. madan with one exception... the total income should be minimum 8% of total turnover or the actual profit whichever is higher

Thank you