Answers On Topic: Presumptive taxation
sir, I PROPRIETORSHIP BUSINESS. I WANT TO KNOW ABOUT IN PRESUMPTIVE sec 44ad TAX CAN SHOW SALARY TO WIFE OR SON OR DAUGHTER.
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sir, A Doctor Gross receipts income rs:25 lacs and personal expenses rs:5 lacs and A Doctor is not maintained account records for professional expenses Increases value Assets f.y. 24-25 rs: 10 lacs Decreases value liabilities f.y. 24-25 rs: 5 lacs Personal expenses rs:5 lacs f.y. 24-25 Question: A Doctor Gross receipts show amount rs:25 lacs or rs :20 lacs declared for itr return purposes.
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For FY 23-24 - Turnover Rs 1.50 Cr. Showed 15% Profit. Filed ITR 4. In FY 24-25 - Turnover Rs 90 Lakh. Ready To Prepare PL And BS Fully And File ITR 3 With Full Disclosure. Profit 15%. Should The Client Do Audit In FY 24-25?
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The assessee is an individual engaged in the retail trade business. He has offered the income u/s 44AD by applying net profit rate at 10% of gross receipts of Rs. 15,10,125/-. For A.Y 2015-16, on the basis of information that assessee has deposited cash of Rs.8,70,500/- in bank. In response to notice u/s 148, the assessee has stated this cash is deposited out of his business receipts of Rs. 15,10,125/- and which is more than cash deposited in savings bank and therefore no addition on account of unexplained cash deposit in the bank account can be made. The AO has…
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44 ad taxpayer