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Income offier u/s 44AD 8%, Actual Income 70%, Whether remaining 62% is tax paid money or not ? |
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yes it is tax paid. |
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no,
if income earned is 70%, it has to be declared u/s 44AD , 8% is minimum income of t/o., bal. 62% is not tax paid money. it is bad interruptation or mis use of the section
Rakesh Gupta
m.no. 089553
# 09310088876 |
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No, that 62% balance income is not tax paid money
you have to show actual income if it is greater than 8% |
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section 44AD provide an option to assessee. if assessee opt it then no complusion in section to offer more then 8% |
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if u have kept books and ascertained 70% profit, show that as ur income. If no books kept 8% income is ok. hence 62% is income is non taxed money. |
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