Recently, I have been asked some interesting questions related to 44AB of Income Tax Act. It is interesting to see how well the law has been drafted and how well we should interpret the same for professional efficiency.
One such important question was regarding the role of Net Profit Percentage on Tax Audit determination. On casual reading of Section 44AB one cannot find that assessee shall declare profit lower than 8% / 6%, by maintaining books of account etc.And I must say, one should not! That’s what makes the Tax law interesting and thats how each professional is distinct.
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