Thursday, June 23, 2011

8% net profit must for business, if no tax audit done

As per section 44AD of Income tax Act, all business entities with turnover less than 60 Lakhs, other than companies, are required to offer 8% of Turnover as taxable Income. Otherwise, Tax audit to be done.

Earlier it covered only retail trade. Now it covers all business.

Seems professions are not covered by 44AD.

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