Presumptive taxation
This query is : Resolved
16 November 2014
In a case where the business is eligible under presumptive taxation and the profit declared is less than 8%, as per the explicit provisions of Sec 44AD tax audit is mandatory..
If I didn't opt for presumptive taxation, I can bypass tax audit since my T.O. has not exceeded prescribed limits under Sec 44AB.
Hence its a better option for assessee not to opt for Sec 44AD if his % of profit is less than 8% right...?
i.e. application of Sec 44AD is mandatory to assessee or it is an option...??
Nikhil Kaushik
(Expert)
16 November 2014
It is mandatory. So if you wish to declare less than 8% profit, you shall have to get the audit done
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