Showing profit less than 8 % / 6% without tax audit
This query is : Resolved
28 May 2018
After Finance Act 2016:
It looks say Individual, can show profit lower than 8% / 6% by filing ITR3 and maintaining books of accounts.
and there will be no need to get Tax Audit. I mean show profit less than 8% without opting for section 44AD.
Kindly refer Sec 44AD(4) and (5).
Old Section 44AD(5) said, get Tax Audit if showing less than 8% profit. But this section 44AD(5) changed after Finance Act 2016.
Pls rectify me if wrong.
It looks say Individual, can show profit lower than 8% / 6% by filing ITR3 and maintaining books of accounts.
and there will be no need to get Tax Audit. I mean show profit less than 8% without opting for section 44AD.
Kindly refer Sec 44AD(4) and (5).
Old Section 44AD(5) said, get Tax Audit if showing less than 8% profit. But this section 44AD(5) changed after Finance Act 2016.
Pls rectify me if wrong.
28 May 2018
you always have the option of maintaining books of accounts regardless of 44AD.
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