-An assessee with T/O below Rs. 10000000/- -Who shows an income below presumptive rate of 8%, will,in case his total income exceeds the taxable limit be required to maintain books of accounts and get them audited.
Now my Qu. is, 1. If an individual has T/o below Rs. 10000000/- and his 'TOTAL INCOME' is below taxable limit of Rs. 200000/- 44AD not Appli. 2. Here 'TOTAL INCOME' means total Income from business or Gross total income.
Please if possible also mention written source of your answer.
20 July 2013
NO EXEMPT LIMIT IS rS. 200000/- YOUR INOCME IS OVER RS. 200000/- AFTER TAKEING DEDUCTION U/S 80 THEN YOU HAVE TO PAY TAX ACCORDING TO TAX SLAB.
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