Comment on Business Line: Read Section 44AD when filing return

Thanks,

It turns my understanding regarding turnover upside down.

Now take this situation

I take Aug series and make number of trades and the net profit is say a bit less than 1 crore at the close of series. My Turnover also happens to be bit less than 1 crore, right. Now my turnover is less than I crore and I show a presumptive profit of 8% and pay tax on 8 lakhs which will come to approx 2.4 lakhs plus surcharge instead of 30 lakh plus surchage . above all I don’t need to maintain books will it be acceptable ? PC must have started scratching his head by now.

Once again thanks for being considerate.

View the full comment thread »