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44ad Presumtive Taxation

dharmik vadgama (Article) (145 Points)

16 December 2018

can an assesee declare 60% profit under 44ad

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RAJA P M ("Do the Right Thing...!!!") (127153 Points)
Replied 16 December 2018

Yes... No more restrictions...

pd23071997 (None) (388 Points)
Replied 16 December 2018

Minimum 8% must be declared. No cap on higher side.

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dharmik vadgama (Article) (145 Points)
Replied 16 December 2018

acual pofit matter o not

MOHAMMED IMRAN (1020 Points)
Replied 16 December 2018

as per presumptive taxation scheme an eligible assessee can pay tax @ 8% or 6% if all the transaction is made through -
by an a/c payee cheque / bank draft or through electronic clearing system through a bank account .
However, the assessee has the option to declare in his Return Of income, an amount higher than the presumptive income so computed , claimed to have been actually earned by him.