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my asseess have book profit of 320000 bt he declared profit under 44ADA rs 900000 than in filing itr any prblm is raise . n in form 4s gross receipt n net profit what profit shows means book profit or 44ADA profit
Replies (7)
GROSS RECEIPTS
AND PROFIT 8% OR MORE WHAT EVER U WANT TO SHOW
in 44ADA section profit is 50 % of gross receipt .
O YA 50% , 8% IN 44AD
@ Manohar.,
What is the nature income to the Assessee...?
He is doing professional or Business...?
If professional then Profit will shown 50% of the total receipts or Turn Over u/s 44ada...
If business then he can show 8 percent profit...
So,
Specify the nature of Income...
What is the nature income to the Assessee...?
He is doing professional or Business...?
If professional then Profit will shown 50% of the total receipts or Turn Over u/s 44ada...
If business then he can show 8 percent profit...
So,
Specify the nature of Income...
professional
Well...
If Professional then He can file as per above way.
If Professional then He can file as per above way.
| Originally posted by : manohar | ||
 |
my asseess have book profit of 320000 bt he declared profit under 44ADA rs 900000 than in filing itr any prblm is raise . n in form 4s gross receipt n net profit what profit shows means book profit or 44ADA profit |  |
Considering his "Profits / Gross receipts " ratio as 50% or higher he should not have any issues in ITR 4s. If he has shown lesser profits/gains than 50%; he probably has to get his books audited.
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