Consideration of profit @ 6% if all receipts are thru bank

Dear all

One of my client is a lorry transporter having T O 75 lakhs(all receipts are thru bank only) And have other businee income apprx 250000/- wants to file return with B/S  . so my doubt is can i flie the retun with a net profit of 6% on Gross receipts for transport business and other business directly 250000 income without mentioning in detail for other business for the AY 2017-18 . is there any problem for me. 

Give me reply ASAP

 

 

Replies (6)
For transporter refer provision of section 44AE of it act

In sec 44AE we do not file Balance sheet , i need to file balance sheet. 

6% deemed profit is for section 44AD for presumptive income... In that case also u need not file balance sheet... Then file actual balance sheet and profit and loss ac... And actual percentage of profit

Can i file the return with 6% on N P Because we have an option that we can show profit 6% if all receipts are thru bank ,  6% of profit is applicability shown in ITR 4 Form , so can i use it for ITR 3 also 

6% deemed income is only for section 44AD.. Yes u can show 6% income... As this is minimum deemed income... No problem in that
If u maintaining ur net profit @ 6%...no problem in that... In tax audit report assesee are showing even less percentage of profit

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