Sec 45ad

Tax queries 1945 views 6 replies

HI

My Question is for Small Traders,whose Business Turnover is , Below  Rs.15,00,000/ Per year,can declare more than 8% as per 45AD, So he can File Return

Replies (6)

I think The Sec is 44AD ..

Yes he has to offer his income under section 44AD. If his Gross Total Income as per section 44AD is more than basis exemption limit then he should be file income tax return other wise no need to file if he wants he can file his income tax return at his option but not must.

OM SAI SRI SAI JAI JAI SAI

SECTION 44AD WILL APPLY AND NOT 45AD!!!

I think u got it wrong. the section that applies is 44AD 

Sorry  I mentioned wrong Sec45ad instead of 44ad

Answer is simple YES. Section 44AD mandatesa minimum profit of 8% and there is no limit for maximum profit. One can report 100% of his receipts as income (as in the case of commission income, where generatlly there are no expenses attributable to income).


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