Tax audit & sec 44ad

This query is : Resolved

Guest

Guest (Querist)

19 September 2011 frist read this line

It is poosible to declare lower income than deemed income & the fowllowing cosequences are applicable

1.Tax payer will have to maintain books of account as per sec 44AA

2.The taxpayer will have to get his books of account audited u/s 44AB(irrespctive of turnover )if his TOTAL income exceeds exemption limit .

i have doubt that for section 44ab turnover is nt a matter to look for it is the TOTAL INCOME. which we hv see n which means income after deduction under chapter VI-A

Pls tell me........

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)
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19 September 2011 No; here total income means before deduction of chapter-VIA and all other deductions like carry forward losses set-off etc...
OM SAI SRI SAI JAI JAI SAI

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