According to section 44AD of the income tax act 8% is the profit which is chargeable to tax..
My question is if I fall under a category of an individual and having a business of manufacturing. would this section would be applicable to me.?
If the answer for above is yes, suppose my turnover for year ended is 10 lakh than 8% of the same comes to 80000. will my tax calculation will be slab wise as general or directly 30% on 80000?
If the answer for the above is slab wise, it means that i dont have any tax liability?,than What are the required document that should i maintain to take a benifit of the above
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