44AD
This query is : Resolved
22 July 2011
Sir,
As per sec. 44AD of income tax act....,if the turnover is less than 60lacs then tax has to be compulsoriouly paid on 8% of gross turnover....
what would happen if if the assessee claims that his income is less than presumptive income.
As per sec. 44AD of income tax act....,if the turnover is less than 60lacs then tax has to be compulsoriouly paid on 8% of gross turnover....
what would happen if if the assessee claims that his income is less than presumptive income.
22 July 2011
Then, the assessee has to maintain books of accounts as per Section 44AA and rule 6F.
22 July 2011
agree with expert
22 July 2011
Compliance of section 44AD(5) becomes mandatory.
22 July 2011
So he will have to get his accounts audited by a CA.
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