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Can a assessee change rate of profit percentage
a assessee file ITR 4 and show net profit @ 70% in his last two returns but in the present return he wants to change his profit percentage and wants to show net profit @ 45% of gross profit. can it is possible and he can not bear any problem in future.
Replies (3)
Yes, you can change your profit %, but it can not be a below the minimum % prescribed under relevant section of Presumptive Taxation.(i.e not below 6%/8%/50% as the case may be)
Is earlier show 70% and at present show 45%
You are filing return under which section..44AD or 44ADA.?
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