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Depreciation
My friend a professional has claimed 51% income Rs 360000/- on his total receipts. He has a depreciation claim of 151000/- . Does he required to get his accounts audited because after claiming depreciation his income will come below 51%? He has some exempted income so He's filing ITR3.
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If You / Friend opt presumptive taxation scheme u/s 44ada then no way for claim depreciation. He must declare 50% (or above) profit. If not then his accounts fall Tax Audit...
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