Comment on Business Line: Read Section 44AD when filing return

Nithin Kamath commented on 25 Mar 2015, 07:51 PM

Natasha, as long as the your net profit is less than 8% of your turnover you will need an audit. If your turnover is very small, one of the things you can do is declare 8% of turnover as your profit (using ITR4S) and pay taxes accordingly. Might cost lesser than CA audit fees. So if your turnover is 5lks, 8% of 5lks is 40k. On 40K, if you are in 10% bracket you have to pay only 4k as taxes.

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