CA PARAS BAFNA's Expert Profile

Queries Replied : 9397

I am a practising CA from Surat

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Favourite field of activity is Income-tax .

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Indigo says : Presumptive taxation - mandatory or optional?
Want to have a discussion on this: Basically 44AD/AE are all option for the assessee to choose not mandatory right? Its choice of assessee to opt for presumptive scheme. As per 44AD(5) it says above profit is tax limit & declare less than 8% 44AA 44AB applicable. I see this statement is taken in many discussion like any assessee if run business and gets less than 8% profit need to get audited. so It goes like almost all cases will be tax audit. Questions: 1) The presumptive taxation nature is changed it makes it mandatory & applicable to all. 2) Y the 44AB was not amended directly like profit below 60lacs and show profit below 8% then 44AB applicable rather amendment to 44AB say profit below prescribed rate of 44AD & AE then 44AB applicable?

Parag Kulkarni says : Thanks a lot
Dear Mr. Bafna, Thanks a lot for imm response for my query. Some addnl info. I returned India on 18th Dec (after staying in US from 15 Dec 2005 to 18 Dec 2008) so probably I am treated as resident indian and so being taxed doubly. Any guidance on this. Regards, Parag