As Per Section 44AD And 44ADA, Assesse has to Declare Profit of 8% or 50%.
but what if Actual Profit is More.
Do I Need To Pay Tax on Actual Profit
for Example:
Business -
Turnover is 50 Lakh
Actual Profit is 30 Lakh
Profit 44AD is 4 Lakh
What Is My Taxable Profit ?
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Whether I Need To Pay Tax On Actual Profit Or Presumptive Profit
Replies (6)
4 lakh
If you are eligible assessee under 44AD then you can show 4Lacs profit.
This is the benefit given by income tax department
This is the benefit given by income tax department
@ Saeed,
If You and Your Income are eligible u/s 44AD then You declare 4 lakhs profit @ 8%.
If You want to show excess profit then You can also declare excess profit...
If You and Your Income are eligible u/s 44AD then You declare 4 lakhs profit @ 8%.
If You want to show excess profit then You can also declare excess profit...
Post actual turnover and profit.
Yes u can also show beyond 8%
Those are book knowledge post actual issues.
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