44AD Applicable on Non Taxable Return.
This query is : Resolved
Ashok dave
(Querist)
26 October 2016
If is say that assessees total turnover is 4500000 but his total income below taxable limit say 248000.
is it possible without going through Audit of accounts u/s 44AD
27 October 2016
If you don't want to come under audit then you have to shown profit of 8% or more on your gross receipts.i.e on or above 3,60,000/-.
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CA R SEETHARAMAN
(Expert)
27 October 2016
As his income is below taxable limit no need of Tax audit.
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