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QUERY ABOUT U/S 44AD
CAN WE HAVE 10% OF TAX INSTEAD OF 8% UNDER SECTION 44AD?
Replies (5)
Yes u can declare higher income
Persons whose income is taxable under the head Profit & Gains from Business or Profession CAN calculate their income in TWO ways :-
1.Normally ( i.e., by Using Slab Rate)
2. U/S 44 AD (Presumtive Income)
Assesee choose those method or ways which results to lower income.
If your Income is lower by using 44AD then 8% of turnover, you will use otherwise slab rate. ( i.e., 10% / 20% / 30%).
However, assesse can shows higher Income as rashmi mam said.
Yes you can show higher income. There is no compulsion to use particular slab rate to declare ur income. In return fill your actual income in book profir (must be more than 8%)
The Minimum rate alone has been fixed u/s 44AD
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