Comment on Taxation for Traders - Introduction

Nithin Kamath commented on 01 Jul 2013, 08:27 AM


This query you have posted is from February.

What happened this year is in April, May and June was that a lot of people started getting notices under 139(9)..

When we enquired on this, we realized that these notices are because of change to Section 44AD, where the business of trading was included in the list.
What section 44AD now says is that if your turnover is less than a crore and profit less than 8%, you have to get your books audited..

See this blog for more:

That answer is an old answer, the scenario has changed a bit from then..

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