Presumptive income under 44ad

anonymous (proprietor) (237 Points)

12 November 2016  

Can 8% profit calculated under section 44AD be lower than the basic exemption limit of 250000/-.

eg. turnover of 3000000/-. its 8% income is 240000/-. since it is below the basic exemption limit of 250000/- hence no tax is payable?