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tax audit applicable or not
My gross receipts from profession is 30 lak in fy 2016 17. As per sec 44 ada whose income less than 50 lak eligible to take presumptive basis. I dont want to take my professional income on presumptive basis. May i liable for tax audit?
Replies (1)
YES, IF INCOME DECLARED IS LESS THAN 50%
A person can declare income at lower rate (i.e. less than 50%), however, if he does so, and his income exceeds the maximum amount which is not chargeable to tax, then he is required to maintain the books of account as per the provisions of section 44AA and has to get his accounts audited as per section 44AB.
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