Section 44ad applicabilty

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Querist : Anonymous

Querist : Anonymous (Querist)

09 November 2013 For which business we can opt for Presumptive Income under section 44AD? If we show profit below 8% then audit has to be done??? So only possibility when audit is not required is when we show profit more that 8% and below Rs. 1 Cr. Is it true????

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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09 November 2013 Except Commission Income and Income from Goods Carriages -every business is covered U/s 44AD. Still you are free to disclose the nature of business for which you are going to opt Section 44AD(though there is nothing like an option).
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I agree with all your other assertions/ statements.
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