Turnover ₹ 100 Lakhs
Book Profit ₹ 4 Lakhs
Whether he has to audit his accounts or can show his income u/s 44ad i.e. 8% of Turnover (₹ 8,00,000/-)
44AD Income
Replies (6)
Quick Summary
If he is showing an income of 4 lakh then he has to maintain his books of account and get it audited for that AY. Moreover, he can't opt 44AD for the next 5 year and has tp follow 44AB if his income exceeds the taxable limit.
Whether he can show income u/s 44AD i.e. ₹ 8,00,000/- ( 8% of 1,00,00,000/-)
Yes he can.
And for the transactions through electronic mode he can choose 6% instead of 8%. So you may calculate accordingly.
And for the transactions through electronic mode he can choose 6% instead of 8%. So you may calculate accordingly.
It will not create any problem since his book profit is ₹ 4 Lac
Nope. You're showing more income than actual. So IT authority has no problem with that. Plus the turnover limits are with in 44AD, so no problem for opting 44AD
Ok Thank you
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