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44AD presumptive taxation
I am doing business in which I earn more than 8% and I am paying tax @ 8% under presumptive taxation 44 AD can I liable in future for any income escapement???
Replies (2)
Quick Summary
No, You are not liable in future for any income escapement. As you already disclosed income as per provision of laws.
Sec 44AD deals with Presumptive Taxation where assessee who has not maintained books of accounts and having gross receipts or turnover less than 2 Cr can offer income to tax @ 8% or above , few business are outside the scope of this section such as commission etc.
since its a specific section , income escapement question does not arise however it is advisable to maintain profit rate as per industry or similar businesses.
since its a specific section , income escapement question does not arise however it is advisable to maintain profit rate as per industry or similar businesses.
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