13 September 2014
I have an one propritorship and its annual turnover is Rs. 60,00,000 and my profit is below basic exemption limit.So I am not liable to pay tax. Can I liable for audit under section 44AD.
14 September 2014
Sec 44 AD applies only where the turnover is less than 1 crore. In that case simply assume 8% as total income and file return. If you want to show profit less than 8% then you have to get tax audit done.
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