I have 10000 per month , anually 120000 from professional services under 194j. Can we show receipt as 120000 and profit as 120000 in itr 4
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What is receipt and profit? can we show 100 % profit.
Replies (6)
under presumptive taxation you have to show minimum 50% of your gross receipts or higher amount as your total income
For Professional 50% gross receipts is net Income, here your net Income is 60,000/-
income can be more than 50 % of gross receipt or not
for professionals, the minimum income to be declared under presumptive taxation is 50% of gross receipts. hence it should not be deemed that only 50% of gross receipts should be shown. if your actual net profit is more than 50% of gross receipts, then only the higher amount should be shown
If our annual fees we got is 120000 then can be show 120000 as net income?
yes you can
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