Section 44ad
This query is : Resolved
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
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
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).
If a person understates his sales, he is liable for penalty u/s 271(1)(c).
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