Can IDS 2016 scheme be made use of where An Individual liable to Tax Audit has not filed his return. Since his profits was below 8% of total turnover he was required to file returns u/s 44AB but return was not filed as his Business Income and all other incomes included was below the exemption limit allowed for an individual.
So,
1. Can IDS 2016 can be used?
2. If IDS 2016 can be used then how much Income should be declared (nominal declaration like Rs 100, 1000)??
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Ids 2016 scheme
Replies (1)
If an assessee is engaged in eligible business u/s 44Ad and declares its income less than 8% but it is less than maximum amount not chargeable to tax (Rs. 250000 for A.Y. 2016-17) then it does not require audit u/s 44AB.IDS scheme is not used for exempted income.
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