Required understand the meaning of this line with example
Gagan Aggarwal (226 Points)
27 July 2018Gagan Aggarwal (226 Points)
27 July 2018
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177840 Points)
Replied 28 July 2018
An eligible assessee having eligible business..... who declares less than 6/8% profits over turnover.......... [ie. meanung of sub-sec. 44AD(4)]........
Now, if his total income from all five heads of income as calculated under income tax rules & regulations....... if that amount exceeds (2.50L for <60Yrs.) Max amt NC to tax...... is second condition......
If both conditions satisfied.......... (tax audit as per sec. 44AB applies)
Gagan Aggarwal
(226 Points)
Replied 28 July 2018
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177840 Points)
Replied 28 July 2018
Based on this year's computation..... yes..
But there is one more aspect as per sec. 44AD(5).
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177840 Points)
Replied 28 July 2018
Had you opted for sec. 44AD last year?