can I file ITR 4 asst year 2017-18 after taking 6%profit ??
what is the procedure next 5 yr Filing ???
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Tax queries
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The presumptive taxation scheme can be opted for by the eligible assessee who is engaged in any business (except the business of plying, hiring or leasing goods carriages referred to in section 44AE), whose turnover or gross receipts from such business do not exceed 2Cr. Ruppes.......
Refer details: section-44ad-theory
You stand to loose presumptive tax benefits, if you do not continue them for atleast 5 years.
No, To take the benefits of presumptive taxation u/s 44AD , you must show the profile @ 8% of turnover.
After taking benefits , you can't declare lower profit for the next five years.
After taking benefits , you can't declare lower profit for the next five years.
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