10 October 2011
when total income under sec 44ab is rs 140000 total income u/s 44ad is rs 350000 (no deduction ) whether assessee can opt 44ab without form 3cd & 3cb?
10 October 2011
1. If u plan to file return with Rs. 1,40,000/-as taxable income and the status is individual, no need of tax audit vide section 44AD(5) thereby no form 3CB and 3CD is required. 2. If u plan to file return with Rs.3,50,000/- as income, again 44AB audit is no required because the said amount is 8% of turnover of Rs. 43,75,000/- which is less than the threshold limit meaning thereby no need of form 3CB and form 3CD.
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