Dear Ritesh & other forum members,
I'm an NRI and have F&O income in India.
1) Can an NRI like me who has F&O income in India choose to show 8% of turnover as profit, in order to avoid audit u/s44AD (total t/o below 1 CR so 44AB not applicable) and to avoid the need to maintain books of accounts?
2) I read that 44AD is not applicable to NRIs, so then would that mean that I MUST maintain books of accounts u/s 44AA if the turnover is more than 10 lakhs?
and if 44AD is not applicable to me due to my non-resident status, then does this mean that:
3) I am allowed to show the actual figure of profit (even if it is lesser than 8% of the t/o) and still do not need to get it audited even if it is less than 8% of turnover as sec 44AD is not at all applicable to me ? (please also note that my gross total income exceeds the maximum amount not chargeable to tax and my total turnover is less than 1 cr)
Thanks for your help.
I'm an NRI and have F&O income in India.
1) Can an NRI like me who has F&O income in India choose to show 8% of turnover as profit, in order to avoid audit u/s44AD (total t/o below 1 CR so 44AB not applicable) and to avoid the need to maintain books of accounts?
2) I read that 44AD is not applicable to NRIs, so then would that mean that I MUST maintain books of accounts u/s 44AA if the turnover is more than 10 lakhs?
and if 44AD is not applicable to me due to my non-resident status, then does this mean that:
3) I am allowed to show the actual figure of profit (even if it is lesser than 8% of the t/o) and still do not need to get it audited even if it is less than 8% of turnover as sec 44AD is not at all applicable to me ? (please also note that my gross total income exceeds the maximum amount not chargeable to tax and my total turnover is less than 1 cr)
Thanks for your help.