Under the presumptive taxation scheme you need to report higher of the following:
- Profits @ 6% of the turnover
- or actual profits.
In case your actual profits are higher than 6% of the turnover, you should report the actual profits.
You can read more about the presumptive taxation scheme u/s 44AD here
Learn by Quicko – 30 Jun 20
Section 44AD - Presumptive Taxation for Business | Learn by Quicko
Business with sales or turnover upto 2 crore & dont wish to maintain accounts should report atleast 6% or 8% as presumptive income under Section 44AD