Can i show 8% profit even though actual profit higher than 8% (44AD)?

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..... Can i show 8% profit even though actual profit higher than 8% (44AD)?
Query (Issue) Started By: - Kapil Dey Dated:- 2-11-2018 Last Reply Date:- 16-11-2018 Income Tax
Got 1 Reply
Income Tax
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 req .....

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..... uire 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 other 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 act .....

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..... ual 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/STOCK 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 na .....

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..... me, 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 there 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 Repl .....

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..... y: In my view you can show 8% profit on the logic of the scheme.
Discussion Forum - Knowledge Sharing .....

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