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Whether section 44AD mandatory
Is it possible for an eligible assessee to declare profits less than the limits specified in 44AD
Replies (4)
NO.
Can declare lesser profit with tax audit report (if total income exceed BEL)
Not Allowed.....
You can either show profits at the prescribed percentage ( i.e. 6% or 8% ) or can voluntarily declare higher profits.
You can either show profits at the prescribed percentage ( i.e. 6% or 8% ) or can voluntarily declare higher profits.
File ITR3
Income under regular business income with books of account maintained
Upto turnover below 1 crore , no tax audit. In this route you get relief from Tax Audit.
Income under regular business income with books of account maintained
Upto turnover below 1 crore , no tax audit. In this route you get relief from Tax Audit.
| Originally posted by : Aiswarya Therkil | ||
 |
Is it possible for an eligible assessee to declare profits less than the limits specified in 44AD |  |
Yes, for that you'll need to maintain proper books of accounts.
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