I am doing business in which I earn more than 8% and I am paying tax @ 8% under presumptive taxation 44 AD can I liable in future for any income escapement???
Sec 44AD deals with Presumptive Taxation where assessee who has not maintained books of accounts and having gross receipts or turnover less than 2 Cr can offer income to tax @ 8% or above , few business are outside the scope of this section such as commission etc.
since its a specific section , income escapement question does not arise however it is advisable to maintain profit rate as per industry or similar businesses.
CAclubindia
