Showing profit less than 8 % / 6% without tax audit
This query is : Resolved
Pawan Sehrawat
(Querist)
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.
Pls rectify me if wrong.
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.
Pls rectify me if wrong.
Nikhil Kaushik
(Expert)
28 May 2018
you always have the option of maintaining books of accounts regardless of 44AD.
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