I own a proprietor business of electrical goods - wholesale and retail.
for financial yr 20011-12
my turnover is rs 26 lakhs
my net profit is rs 1,60,000.
Is it compulsory to file return as per sec 44 ad ?
I do not want that section to be applicable to me.
my other income is interest of rs 1,00,000.
So, can I opt for normal tax provisions -
I - income from business - 1,60,000
II - interest income - 1,00,000
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total income - 2,60,000
no deductions
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total taxable income - rs 2,60,000
and file returns as per income of rs 2,60,000
is it compulsory to opt for sec 44 ad ?
pls revert with solutions.
thanks