Hello,
Assuming a service exporter avails 44ada. Has a turnover of 30lakhs.
Tax is declared on 15lakhs.
What if his income is more than that, his bank balance is more and the balance sheet won't match right?
How does this work?
Hello,
Assuming a service exporter avails 44ada. Has a turnover of 30lakhs.
Tax is declared on 15lakhs.
What if his income is more than that, his bank balance is more and the balance sheet won't match right?
How does this work?
Well, okay, but if it is actually less than 50%?
Makes sense. For example sub section (5) of section 44AD gives an option to the assessee to declare profit lower than 8% / 6%, by maintaining books of account etc. as required under section 44AA and by furnishing audit report as required under Section 44AB.
Thanks!
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