Query w.r.t sec 44ad
This query is : Resolved
02 March 2016
Dear all, as we all know in the current budget limit for purpose of sec 44AD is increased to 2crore, my question is, say my gross receipts is Rs. 1.2 crore and if I follow section 44AD, then section 44AB shall not apply right? Because as I claim 44AD, I do no maintain any records.
02 March 2016
Yes provided the income is not less than 8% of the gross receipts.
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