30 March 2020
I have a small business. Turnover is 15 lacs. Net profit is less than 8% and below basic exemption limit. I don't want to disclose income as per section 44AD. I have no other income.
It says in the section that in case of an individual, 44AB is applicable if total taxable income is above the basic exemption limit. However, my teachers are of the opinion that i need to get the books audited.
30 March 2020
ok..thanks for the replies. But, suppose my turnover was, say 80 lacs and the business is on loss. So, obviously, since it is a loss, the total taxable income is below the exemption limit. So, in that case too, i need not give my books for tax audit? Please give a reply for this too..
CAclubindia
