presumptive basis

ITR 141 views 3 replies

student

55 Points Joined February 2016

can we file presumptive returns even though last year books where maintained

Replies (3)

Guest

yes u can in the case 44 ad

turnover not more than 2 cr and net profit should be 8%

but one thing ur profit should be justify ur investments and other expense

if talks of professioanl 50% is the slab

but better go with regular return

with balancesheet and profit and lost a/c

student

55 Points Joined February 2016

declaring 52% of the income of profession ..so i believe its not a problem..

"Do the Right Thing...!!!"

128147 Points Joined January 2015

Then you can go to presumptive taxation... Also you can claim any deductible amount in Cha VI-A...
GOOD LUCK...

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