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Presumptive tax scheme
My turnover is 1 cr.all receipts are in the form of cheque or electronic payment . my actual profit is more then 8 percent. can I show 6 percent profit under presumptive tax 44 ad
Replies (7)
Quick Summary
You have to show actual net profit u derived from business if ur net profit is more than 8%.
If ur net profit was below 6%, then u was able to show profit at 6% for not doing audit.
If ur net profit was below 6%, then u was able to show profit at 6% for not doing audit.
I think your question is you want to show actual profit in the 6 percent column . if my understanding correct yes you can show your actual profit in 6 percent column because you have done business through cheques and bank transfer .
Yes.
even my profit is more I want to show it 6%
even my profit is more I want to show it 6%
If ur profit is more, u should show actual net profit
I can tell you onething , when you are filing if you give 6 percent also it will take without asking any questions . but as per law we need to show correct profit , incase if you get notice then it will be trouble. so showing lesser profit is not advisable.
Ok thank you
Agree with sandhya ji
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