Comment on Taxation Simplified

Nithin Kamath commented on 10 Jul 2013, 04:23 PM


Section 44AB says:

carrying on the business shall, if the profits and gains from the business are deemed to be the profits and gains of such person under section 44AD


he has claimed such income to be lower than the profits and gains so deemed to be the profits


gains of his business and his income exceeds the maximum amount which is not chargeable to income-tax in any previous year,

Do note that there is an AND in between all the clauses. Also when you file ITR online it doesn’t consider any taxes of the past. So tomorrow you might get a notice and then you can clarify saying section 44AB as you have mentioned above.

Best thing in the life is to avoid getting the notice rather than getting and then explaining.

Hopefully you get my point,


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