Hello everyone
Income from profession is less than INR 75 Lakhs. Not opting for presumptive taxation under 44ADA. Can a assessee maintain books of accounts and file the ITR at less than 50% of the receipts from profession or he will be subjected to tax audit on not declaring 50% of receipts as professional income. Please clarify
Thanks
Please furnish more information.
Yes, as per sub-sec. 44ADA(4) r.e.s. 44AB(d); audit will be mandatory.
Thanks. So a professional has to declare minimum of 50% as income or be subjected to tax audit. Correct sir?
Correct...
Practically audit is preferred...
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