31 July 2012
dear all, i started business in jan,12 and upto 31st mar,2012 i m having income of Rs.5,00,000/-from renting crane on hire.
so m i covered u/s 44AD i.e presumptive taxation @ 8% of gross receipts OR i can continue it with normal provisions of I.T Act,1961 and showing more income..
31 July 2012
Income higher than 8% can be shown even if you are covered by 44AD. But if you are not going with 44AD then you have to get your accounts audited.
01 August 2012
you have both the option 44AD and normal. you can take the benefit of 44AD and show the income more than 8 %. 8% limit is minimum. you can show your income at a higher rate.
audit is compulsory only when if you want to show the net profit below 8 % .
CAclubindia
