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What is 44ad ? we can pay according to 8 profit

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(Querist)
26 January 2017 I read in an article that if you have turn over upto 2 crores. you can take 8 of profit and pay the tax What are the benefits ?
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
26 January 2017 1 No books of ac need to be maintained.
2 If you declare 8% profit on turnover and pay taxes on it, no need to pay any tax on profit earned in excess of 8%.

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