DEAR FRIENDS
KINDLY LET ME KNOW
WHETHER AN ASSESSESS HAVING TURNOVER BELOW AUDIT LIMIT IE. 95 LACS AND INCOME BELOW 2 LAC (ie. BELOW TAXABLE LIMIT) IS REQUIRED TO FILE INCOME TAX RETURN AS PER NEW 44AD PRESUMPTIVE CONCEPT. OR 8% RULE SHALL BE APPLICABLE
THANKS
REGARDS
CA VAIBHAV
If the profit is less than 8% then section 44 AB comes in to force. It is more than or equal to 8% then you may file return on presumptive baisis.
An eligible assessee who claims that his profits and gains from the eligible business are lower than the profits and gains specified in sub-section (1) and whose total income exceeds the maximum amount which is not chargeable to income-tax, shall be required to keep and maintain such books of account and other documents as required under sub-section (2) of section 44AA and get them audited and furnish a report of such audit as required under section 44AB.
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