vaibhav (M.Com. CA ) (178 Points)
18 November 2013DEAR 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
kanagaraj
(CHARTERED ACCOUNTANT)
(793 Points)
Replied 18 November 2013
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.
CA Pallav Singhania
(❤ Work Hard Party Harder ❤)
(32532 Points)
Replied 19 November 2013
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.
CAclubindia
