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Section 44ad

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28 March 2012 Dear Sir, Does section 44AD gives ample opportunities to misuse i.e. to understate sales so that profit is kept below exemption limit? and also to evade tax audit.

Also, we can plan our sales according to basic exemption i.e. Rs.,160000+120000(80c series deduction and also NHAI bond Rs.20000/-)

Does someone agree with me. Please guide


Thanks

Sunil
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
04 April 2012 Actual Sales can be verified from the Sales Tax Return.

If a person understates his sales, he is liable for penalty u/s 271(1)(c).
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