44ad

U/s 44AD of Income Tax Act An assessee can file his return on the declared income of Not less than 8 % of total turnover.

for Example:

If Net Turnover = 37,50,000

then Declared Income Can not be less then 3,00,000(8% of turnover)

Hence Tax on income Would be as Folllows:

On First 250000=0

on rest 50000=5000(10%)

Hence Net Tax payble =5000

Yes if the income of the assesse is less than 8% than he/she has to make his/her books of accounts audited.