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Presumptive Taxation 44AD

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Querist : Anonymous

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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
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Ravikant

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Ravikant (Expert)
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,
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