Section 44AD sets 8% profit rate for small businesses; higher turnover assessed u/s 144 for compliance.

Assessment u/s 144 - Section 44AD deems the net profit rate at 8% in cases where accounts are not maintained and turnover is up to Rs.40.00 lacs. This however, does not mean that profit will lower when the turnover is more than Rs.40.00 lacs. - AT .....

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