If a person is having T.O. more than 1 crore but less than 2 crore, Can we file ITR by feeding full Profit and loss account and bal sheet showing profit more than 6% (as assessee is eligible for 6% clause), whether it will result into any notice by deptt. that you have not filed any audit report u/s 44AB.
OR
under 6% clause it is mandatory to file the return as per presumptive scheme showing only T.O. and profit.
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Regarding section 44AD 6%clause.
Replies (2)
1. Yes, under normal assessment, audit report mandatory.
OR
2. Correct, under presumptive assessment, there is no need of audit report, when eligible assessee declares minimum profits 6/8% of TO for any eligible business.
Mohit, it is mandatory to file return as per presumptive taxation scheme (under 44AD) as you want to avail ,minimum 6% profit or more , clause benefits.
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