Audit applicability
Hiten (CA) (275 Points)
26 March 2016Hiten (CA) (275 Points)
26 March 2016
Jacky
(Accountant & CA Final Student)
(320 Points)
Replied 26 March 2016
its mandatory to declare minimum 8% otherwise audit is compulsory........
Hiten
(CA)
(275 Points)
Replied 26 March 2016
But return is not filed under 44AD..where it is written that assessee have to declare minimum 8% even in normal case.
Jacky
(Accountant & CA Final Student)
(320 Points)
Replied 27 March 2016
https://www.incometaxindia.gov.in/Pages/faqs.aspx
kindly refer above FAQ on tax audits "who is compulsory......"
they r saying that
A person who is eligible to opt for the presumptive taxation scheme of section 44AD (*) but he does not opt for the same and claims the profits or gains for such business to be lower than the profits and gains computed as per the presumptive taxation scheme of section 44AD and his income exceeds the amount which is not chargeable to tax.
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