Presumptive taxation
This query is : Open
21 May 2017
SUPPOSE I AM OPTING 44AD and further i breach provision of section 44AD by claiming lower profits than 8% as per the provisions of section 44A(1) and my income is below taxable limit even then i need to get my books audited u/s 44AB .Secondly suppose in the above case my turnover exceeds 1cr rupees. What will be the implications. Tax audit will be required or not?
21 May 2017
suppose you are opting for 44AD for 2 years and then in the third year you are showing your income less than 8% the audit will be applicable and got next 5 years you can not out for 44AD
21 May 2017
For presumptive income now limit is 2cr.
21 May 2017
agreed sir.
now suppose when he showed his income in the third year less than 8% the audit will be applicable.
suppose his turnover to be 40 lacs.
he should as per the provision of 44AD(1) shows his income at 8% i.e 320000
BUT he shows his income below 8% i.e 5% only which turns out to 200000 only and it is below the taxable limit..
Will Tax Audit be required here in this case.??
21 May 2017
in this case normal provision of tax audit will be applicable
21 May 2017
got it sir thanku very much👍👍
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