If a partnership firm took presumptive taxation scheme and if it is having loss... in the business...
then in under 44AD how we can show profit??(for gross sales)
can we show the profit percentage exactly at 8 percent...or if we show at higher how we can adjust this profit in our books......
at what percentage can we adjust???
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44AD presumptive taxation
Replies (3)
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.
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
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