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44AD

This query is : Resolved 
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(Querist)
22 July 2011 Sir,

As per sec. 44AD of income tax act....,if the turnover is less than 60lacs then tax has to be compulsoriouly paid on 8% of gross turnover....
what would happen if if the assessee claims that his income is less than presumptive income.
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CA Koustubh Vishnu Bhatye

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CA Koustubh Vishnu Bhatye (Expert)
22 July 2011 Then, the assessee has to maintain books of accounts as per Section 44AA and rule 6F.
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CA Suresh Choudhary

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CA Suresh Choudhary (Expert)
22 July 2011 agree with expert
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
22 July 2011 Compliance of section 44AD(5) becomes mandatory.
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CA Ashwani Agarwal

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CA Ashwani Agarwal (Expert)
22 July 2011 So he will have to get his accounts audited by a CA.
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