Question ID :
31739
Section 44AD
Small dealers who have GST registration filling gst return with 2% to 3% gross profit, can this dealer file income tax return under section 44AD by showing higher profit or they have to get their account audited u/s 44AD for tallying accounts with gst returns purchase. please elaborate on same...
Posted by
NADIR D SHAIKH
on
Jul 12, 2018
Filed Under
DIRECT TAXES
Better to tally figures / results per GST and IT.
Posted by
B.CHACKRAPANI WARRIER on
Jul 12, 2018
Answer ID :
70859
u/s 44AD minimum 8% compulsory. Higher % can be disclosed.
If shown less than 8% then tax audit is reqd and cannot come into 44AD for the next 5 years
Posted by
t sankar on
Jul 14, 2018