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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

Answer ID : 70856

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