Presumptive Taxation 44AD
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
10 July 2011
I wanted to know whether 44AD is optional or mandatory for all assessees engaged in business whose turnover falls below 60 lacs (AY 11-12)?
Will the assessee need to get his books audited if his income falls below basic exemption and it is below 8% of receipts? In such a case, will non audit lead to penalty u/s 271B?
Furthermore, is declaration of income 8% mandatory or at the option of assessee? If the assessee has greater income but does not declare it, will it tantamount to tax evasion?
Thanks in advance
Will the assessee need to get his books audited if his income falls below basic exemption and it is below 8% of receipts? In such a case, will non audit lead to penalty u/s 271B?
Furthermore, is declaration of income 8% mandatory or at the option of assessee? If the assessee has greater income but does not declare it, will it tantamount to tax evasion?
Thanks in advance
10 July 2011
It is Optional Scheme,,
Audit will be mandatory if assessee opts for 44AD but declares lower than 8%
It is at the option of assessee. If the assessee has greuater income he can opt for 44AD and declare only 8% of receipts as income,
Audit will be mandatory if assessee opts for 44AD but declares lower than 8%
It is at the option of assessee. If the assessee has greuater income he can opt for 44AD and declare only 8% of receipts as income,
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