Dear all,
Greeting of the day...........
As I know u/s 44AD every business excluding hiring,leasing and playing of goods carriages are included and there will a profit as following:
1-Actual profit (if records are maintained)
2-8% of gross receipt. (if records are not maintained)
But there are some my queries in this matter:
## for calculating gross receipt what will be the base ?
## if assessee want to show profit more than 8% of gross receipt, it excercised or not ?
## if assessee is a professional (in my case Advocate) and not maintained any record, same process apply ?
## other than a Bank statement what record to be maintained for futer. in this situation
Thank of all in advance
Munish Sharma (CPT Student and working accountant)
9911987774
CAclubindia
