A reading of 44AD suggests that "all eligible business" will have to pay tax @ 8% of turnover. Is it compulsory to take the benefit of this section. Eg an assessee in business of trading of goods has turnover of 30 lacs in FY 2010-11, with a Net profit of say 1 lac will he be attracted by this section and will it be mandatory to go for audit as income reported is less than 8% by the eligible business assessee even if he maintains regular books of accounts as currently?
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44 AD as applicable from FY 2010-11
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obviously if he delcares inccome which is less than 8%, then he should go for audit.
But if he declares income as per 44AD, then no need to go for audit
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