COMMODITY MARKET 44AD OR NOT

MY PROFIT FROM COMMODITY MARKET : 8 LAKHS

MY ADJUSTED SALE FROM COMMODITY MARKET AS PER INCOME TAX ACT : 16 LAKHS

 1. IN CASE, IF AM OPTING 44AD, I AM DECLARING PROFIT (16 LAKH * 6%)= 96,000/-

DO I HAVE TO MAINTAIN PROOF OF EXPENSE (16 LAKH * 92%)= 14,72,000/-?

OR

2. IT NECESSARY TO SHOW ACTUAL PROFIT (RS 8,00,000) AS MY BUSINESS INCOME, AS ACTUAL PROFIT IS MORE THAN DEEMED PROFIT  (16 LAKH * 6%= 96,000/-)?

OR

3. AS I AM EARNING PROFIT OF RS 8,00,000, CAN I CLAIM EXPENSE AGAINST SUCH ACTUAL PROFIT.

OR

4. WHAT WILL BE THE IMPACT ON AUDIT, IF I AM DECLARING BUSINESS INCOME MORE THAN 96,000/- OR LESS THAN 96,000/-