Dear Sir,
Is there any minimum limit to show income under presumptive income. Suppose if i have income of 30Lacs from trading business, shall i show profit less than 8% in ITR-3 or i have to pay tax at 8%.
Thank you
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Presumptive income
Replies (8)
If your business is eligible for presumptive assessment u/s. 44AD.......
You have to declare minimum 6/8% profit margin, for non-maintenance of books of accounts.
If your business is eligible for presumptive assessment u/s. 44AD.......
And if you wish to declare less than 8% (or 6% in case of banking mode) profit over turnover, and if your aggregate income is above basic exemption limit, then you are required to maintain books of account and get them audited.
limit of 2 crore in the case of business and limit is 50 lakh in the case of profession and rate is 8% but if u made payment through bank presumptive income is 6%
Sir from which financial year scheme of 6 % if transaction through bank is applicable FY 16-17 or 17-18.
| Originally posted by : Rajesh Sharma | ||
 |
Sir from which financial year scheme of 6 % if transaction through bank is applicable FY 16-17 or 17-18. |  |
From F.Y 16-17.
fy 17-18
Thanks Sir.
| Originally posted by : HIMANSHU GARG | ||
|
fy 17-18 | |
NO ......
6% rate already available from F.Y 16-17 .
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