Presumptive income query

335 views 4 replies

one of my client has done business consisting of following

Business Turnover - 50,00,000/-

Profit as per Books - 21,50,000/-

but can we declare profit @ 8% u/s 44AD i.e. 4,00,000/-

 

please advise 

 

Thanks in Advance

 

 

 

 

 

 

Replies (4)

Dear Abdul

 

Yes, u can adopt the Sec 44AD i.e. 8% of turnover but if you adopt Sec 44AD then you have to follow all the conditions mentioned in that Section. Before adopting sec check whether u covered in eligilbe assessess also check whether urs client is eligible clients. and also if you adopt this section then you will not allowed for any deduction against that 8% income except some one. so these are the basic conditions of 44AD for any further details let me know.

 

Thanks

Dear Rahul

i have checked it, he is an eligible assessee 

thanks for your help

 

Regards

Abdul Khader

 

 

 

also one more query 

will any book entries i have to change, or only in computation i have to show 8% income 

 

 

 

Dear Abdul

it makes no difference in books if you adopts the section 44AD, Only you have to mentioned that in your income tax return that you have adopted 44AD and file your return as per that.

 

Thanks

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
ARTICLESHIP 08 July 2026
Articles

AJAY SINGH AND CO LLP

Thane

CA Final

View Details
Company
19 June 2026
Accounts Executive

Getfive Advisors Pvt. Ltd.

Ahmedabad

CA Inter

View Details
Company
ARTICLESHIP 24 June 2026
CA Article Trainee

Rahul Dang & Associates

Pune

CA Inter

View Details
Company
ARTICLESHIP 20 June 2026
Articleship

RB KESHRI & CO

Mumbai

B.Com

View Details
Company
06 July 2026
Accountant

Agarwal Anoop and Associates

Noida

CA Final

View Details
Company
05 July 2026
Financial Controller

NovumLake Partners

Mumbai

CA

View Details
Company
20 June 2026
Assistant Accounts Manager

Fintax Professionals

Gurgaon

CA Inter

View Details
Company
06 July 2026
Chartered Accountant (Indirect Taxation)

Gowra Ventures Pvt Ltd

Hyderabad

CA

View Details