Presumptive taxation

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Prashanth (Querist)
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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

Nikhil Kaushik (Expert)
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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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