Profit 6 & 8

This discussion addresses whether a client with a turnover of £1.25 crore, including £9 lakh via banking channels and £35 lakh in cash, can file their income tax return using presumptive taxation rates of 6% and 8% respectively. The advice confirms that if the client is an eligible assessee with an eligible business under Section 44AD, they can indeed declare income at these rates and file their return under Section 139(4) until December 2022, albeit with late filing fees.