TURN OVER 6.50 LAC NO DDUCTION FOR EXPENSES CLAIMED - SPECIAL BUSINESS WITHOUT BOOKS PERMISIBLE ? WHICH ITR
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Commission / Agency Business without books: REAL ESTATE COMMISSION
Replies (1)
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Books of Accounts: Not mandatory to maintain since turnover is under ₹10 lakh (Section 44AA).
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Expenses: Cannot be claimed as deductions without supporting proof unless opting for presumptive taxation.
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Tax Scheme & Form: Can file using ITR-4 under Section 44AD, declaring a presumptive profit rate of at least 6% to 8% of the ₹6.50 lakh turnover without needing formal books.
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