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14 Can I Presume Less Business Income Wi…d less actual income

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Here , Vikas Verma has a Hardware shop having a turnover of 25 lakhs ...he asked me whether it is possible for him to presume business income...Under section 44AD , if business ( of not type mentioned in 44AE ( transport business ) and having turnover not exceeding 1 Cr desires to presume income at 8 % , it is permissible ...so even if his income is 50% i.e 12,5 lakhs , he can still show income at 8 % i.e 2.4 lakhs and file return of income .,...he is not required to mainain books as specified under section 44AA but atleast have books which would help assessing officer arrive at the turnover ....likewise if he declares income at presumptive level , he is not required for audit as well ...

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