Dear Fellows
Is it compulsory to opt section 44AD/44ADA if turnover/ gross receipts is within limit(ie 2cr/50lakhs) by declaring 8℅/50℅ profit.
Menu
opting of presumptive income
Replies (9)
No its upon your feasibility, if you are maintaining books of accounts then why you opt for presumtive schemes.
It is for you suitability.
If you are not maintaining books of accounts.
It is for you suitability.
If you are not maintaining books of accounts.
Yes...
If Asseessee will "Opt" Presumptive Taxation Scheme then the said profit percentage is mandatory as per said sections...
If Asseessee will "Opt" Presumptive Taxation Scheme then the said profit percentage is mandatory as per said sections...
Yes, you are right Raja sir..
Yes Raja Ji is correct, if you opt for Presumtive Taxation Scheme, you should show minimum of 6%-if transaction with bank/8%/50% of profit in the required column.
OK sir
thank you
thank you
You are most welcome Dear.
No its completely OPTIONAL...
Suppose You have gross income of 75 L but loss of 10 L, then how can you declare 8% profit? Thats not the purpose of the section.
It is to help self assesment people who have good income declare a fixed percentage and forget about full compliance like audit etc. IT dept will not bother u...
But even if you are below 44AD/44ADA if turnover/ gross receipts is within limit(ie 2cr/50lakhs) but have less than 6/8% profit you can do an audit and file under normal ITR rules
Yes... Assessee can use any option based on his suitable 44aa/ab/ad.
But,
Thr options are different its nature of act.
in case assessee will opt AD then 6% \ 8% will be shown the profit...
Correct if its wrong...
But,
Thr options are different its nature of act.
in case assessee will opt AD then 6% \ 8% will be shown the profit...
Correct if its wrong...
opting 44ad is optional , but once if you have opted then you will have to show a minimum 8% profit for a periode of 5 consecutive assessment years...
Recent Threads
Related Threads
CAclubindia
