Manish Negi (Expert) (394 Points)
03 September 2013Dear Professionals,
Swami Ayyappa Nuli
(TAX ADVISOR & CONSULTANT AT G.S.T SUVIDHA CENTER)
(1372 Points)
Replied 03 September 2013
As your turnover is less than rs 1crore, u can opt for presumptive taxation under sec 44AD. so u can offer 8% of ur turnover i.e 6,40,000 or actual net profit of rs 2,60,000,.but when u offer 2,60,000 and if ur liable to pay any tax.u are liable to tax audit under sec44AB i.e if u offer less than 8% of ur gross turnover as business income and if such offered income exceeds maximum amount not chargeable to rax,u r liable to tax audit under sec 44AB
Aman
(Finance Professional)
(604 Points)
Replied 03 September 2013
agreed wid above ans by Nuli Swami.....
R.Parasuraman
(CA final)
(187 Points)
Replied 04 September 2013
Apart From Tax Audit U/S 44AB the assesse also Required to comply with S.44AA -Maintainence of books of accounts.
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