Ok Sir,last query to clear the confusion,
Income from Business/Profession is 235000
FD Interest is 60000
Total is 295000
I filed ITR under 44AD without audit case.
after deduction tax is nil.
Gross receipt 260000
Actual Profit 235000
Deemed Profit %=90
Profit against Turnover (8%)=20800
was it wrong?
Income from Business/Profession is 235000
FD Interest is 60000
Total is 295000
I filed ITR under 44AD without audit case.
after deduction tax is nil.
Gross receipt 260000
Actual Profit 235000
Deemed Profit %=90
Profit against Turnover (8%)=20800
was it wrong?
bro then you'll get a scrutiny letter and ITO will ask you many questions.You'll have to sit for 6-8hrs.Its a very painful process.
get confirmed with Nikhil Ji here,looks like he is not coming on TJ.