28 May 2018
After Finance Act 2016: It looks say Individual, can show profit lower than 8% / 6% by filing ITR3 and maintaining books of accounts. and there will be no need to get Tax Audit. I mean show profit less than 8% without opting for section 44AD. Kindly refer Sec 44AD(4) and (5). Old Section 44AD(5) said, get Tax Audit if showing less than 8% profit. But this section 44AD(5) changed after Finance Act 2016.
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