10 July 2011
I wanted to know whether 44AD is optional or mandatory for all assessees engaged in business whose turnover falls below 60 lacs (AY 11-12)?
Will the assessee need to get his books audited if his income falls below basic exemption and it is below 8% of receipts? In such a case, will non audit lead to penalty u/s 271B?
Furthermore, is declaration of income 8% mandatory or at the option of assessee? If the assessee has greater income but does not declare it, will it tantamount to tax evasion?