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Presumptive income under 44ADA/44AD
Can a person claim profits @ 8%/50% from business/profession even if actual profits are more than the specified percentage as per 44AD/44ADA or all professionals receipts are their actual profits
Replies (4)
Quick Summary
If any income is declared u/s. 44AD/ADA of the act, assessee is liable to provide turnover/receipts only. No question arises for any actual profit.
@ Vivek ,
Income tax dept requires minimum profit % on turnover and they don't look at the actual profit since accounting books are not available
Income tax dept requires minimum profit % on turnover and they don't look at the actual profit since accounting books are not available
But I have a query that whether A.O. can issue show cause notice to the assessee stating that your actual income and the shown under ITR under 44ADA has variance so why it should not be considered as unexplained investments, so whether A.O has power to initiate proceedings against assesse kindly clarify me on the basis of conclusive evidence
Let the 7 likes may clarify...
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