TMI BlogCan i show 8% profit even though actual profit higher than 8% (44AD)?X X X X Extracts X X X X X X X X Extracts X X X X ..... if i file tax under 44AD can i show 8% profit even though actual profit higher than 8%? i makes money from google adsense. however i need to pay some people who lives outside of india. but they require webmoney fund similar to paypal. some indian fellow works online and they get money through webmoney. so i send indian fellow money via IMPS (net banking) and they send webmoney fund to the o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ther people (to whom i need to pay). according to 44AD i can show minimum 8% profit of gross income. i.e if my earning is 15 lakh so can i show my profit is 1 lakh 20K INR. in that case even though my actual profit is lets say 10 lakh INR can i still show my profit is 1 lakh 20k inr and Assessing Officer will be fine with it? if this is correct can i invest my 10lakh to anywhere i.e NSC/PPF/STO ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... CK MARKET etc. i asked my CA but he is saying to collect the money exchange receipt, i.e. in white paper receiver will mentioned that he received money for X reason and mentioned my name, address and his name, address, PAN number. and also i have to show my actual profit. now if under 44AD no book account require to maintain why would i need such kind of receipt? according to the rule ther ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e is no aduit is require and how tax department can ask me for audit if there is no book account maintaining? please clear my doubt, it will be really helpful for me. - Reply By DR.MARIAPPAN GOVINDARAJAN - The Reply = In my view you can show 8% profit on the logic of the scheme. - Can i show 8% profit even though actual profit higher than 8% (44AD)? - Query Started By: - Kapil Dey Dated:- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2-11-2018 Income Tax - Got 1 Reply - Income Tax - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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