Traders - Compliances under Revised 44AD

#71
Why confusion
There is no confusion.

In simple words, if your total gross income (wthout any deduction of 80C etc) is above basic exemption limit of 2.5 lakhs, then in case of FNO losses (or profit less than 8% of TO) one has to go for audit or for presumptive scheme of 8% (6%) profit declaration. There are still some iffs and butts, but that depends on individuals case to case.
Now, incase you are a senior citizen individual then you wont need to go for an audit (as per details provided by you). Can you reply, why. :D
 

Similar threads