It assessess sales of agriculture land f.y.22-23.but assessess purchase of agriculture land value f.y.2015 not showing in books and it returns.
question:
assessess sales transaction f.y.22-23 show in it returns compulsory.
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Sales of agriculture transaction show compulsory
Replies (3)
Quick Summary
If the agricultural land sold was urban agricultural land, then definitely it was mandatory.
I saw one ITR computation the above following it was disclosured
Income declared u/s 44AD
GROSS RECIEPTS/TURNOVER:
RS .18,42,658.
DEEMED PROFIT
Rs.1,47,412.64. eight %
NET PROFIT DECLARED
4,99,361. twenty seven .10 %
here how they declared profit?? 27.10 how it will come?? explain me please
Income declared u/s 44AD
GROSS RECIEPTS/TURNOVER:
RS .18,42,658.
DEEMED PROFIT
Rs.1,47,412.64. eight %
NET PROFIT DECLARED
4,99,361. twenty seven .10 %
here how they declared profit?? 27.10 how it will come?? explain me please
There is cap on minimum percentage of profit declaration, but assessee can declare anything more then that. It can be any number.... ten .. twenty ... fifty ... anything depending upon HIS OWN WISH !!!
There is no binding that it should be 27.1% only.... The assessee just picked up the number randomly...
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