ACA ACMA
582 Points
Posted on 18 July 2018
No it shouldn't be ignored.If u r not declaring 8% or more of your gross receipts as profit it will be liable to tax audit under section 44 AD.You have 2 options.
1.Declare 8% or more of your gross receipts as income and avoid tax audit
2.Show 3 lacs as profit and get your accounts audited under section 44 AB.