section 44ad and lower 8% profit declared and no taxable income , no require tax audit

HI

1) if gross receipt\turnover is >60L sec.44 AB will attract.

2) if gross receipt\tournover is<60L Sec 44 AD will attract.

in the above 2nd case :- INCOME OT SUCH BUSINESS IS CLCULATED ON PRESUMPTIVE BASIS AS FOLLOW;

---- 8% GROSS RECEIPTS                                                                                                   XXXXX

LESS:- DEDUCTION FOR REMUNERATION AND INTEREST PAID TO                           -    XXX

PARTNER SUBJECT TO LIMIT U/S 40 (b)

BALANCE TAXABLE INCOME FROM BUSINESS                                                                XXXXX

NOTE: 1) Deduction u/s 30 to 37 shall not be allowed

2) the assessee is not required to maintain any books and get it audited

3)the assessee my delcare an income which is higher than the above amount

4) if the assessee claims that his income is less then the above amt. then tax will be charged on such lower amt. provided the assessee maintains books of accounts and gets it audited.

Dear Ganesh,

I didn't get ur 3 rd and 4th point in the note, can u pls elaborate on the same

total income exceeds the maximum amount which is not chargeable to income-tax,

it means the limit of 160000,190000,240000, for male below 65 years,female below 65 years,female and male with 65 years or more age.

suppose my receipts from profession is Rs.1400000 and i have declared income on presumtive basis @ 5% i.e 70000 i am far below than the maximum exemption limit i.e 160000(I am a male 18 years age.) i would not have to go through tax audit even i have declared income lower than 8% 

aapke 55 lakh ke case audit nahin karani hai