Sir i have one doubt that as per Section 44AD i paid tax on 8%(lets be 200000), but actually my profit is 25%(assume 625000). Will the Remaining is Black Money or what? How to explain if any raiding happens. Is there any Case law regarding to that. Thanks in advance
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Presumptive income
Replies (4)
as per section 44ad Profit
is 8%
or actual profit
whichever is higher to be shown in itr
is 8%
or actual profit
whichever is higher to be shown in itr
Thank you sir Sabrez alam, But it is our obligation to choose to pay either 8% or Higher but in section they did't provided such condition
No. There is no question of choice. Section clearly says 8℅ or such higher amount actually earned.
Pay the actual.
Pay the actual.
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