Whether section 44AD mandatory
Aiswarya Therkil (2 Points)
30 August 2019
Is it possible for an eligible assessee to declare profits less than the limits specified in 44AD
4 Replies
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(183527 Points)
Replied 30 August 2019
NO.
Can declare lesser profit with tax audit report (if total income exceed BEL)
Shivam RC
(Student)
(23683 Points)
Replied 30 August 2019
Not Allowed.....
You can either show profits at the prescribed percentage ( i.e. 6% or 8% ) or can voluntarily declare higher profits.
You can either show profits at the prescribed percentage ( i.e. 6% or 8% ) or can voluntarily declare higher profits.
Kapadia Pravin
(17264 Points)
Replied 30 August 2019
File ITR3
Income under regular business income with books of account maintained
Upto turnover below 1 crore , no tax audit. In this route you get relief from Tax Audit.
Income under regular business income with books of account maintained
Upto turnover below 1 crore , no tax audit. In this route you get relief from Tax Audit.
(Guest)
| Originally posted by : Aiswarya Therkil | ||
 |
Is it possible for an eligible assessee to declare profits less than the limits specified in 44AD |  |
Yes, for that you'll need to maintain proper books of accounts.
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