44ab or 44ad

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

07 October 2016 Dear all
If firm NP is fixed 8% in this
case weather audit u/s 44AB
will be applicable or not however
Turnover is also below 1 CR,

Regard
Rajat

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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07 October 2016 As the turnover is less than 1 crore and declaring 8% profit no tax audit applicable u/s 44AB.

Querist : Anonymous

Querist : Anonymous (Querist)

07 October 2016 So in this case will i have to opt sec 44AD or we can file the return by giving the tax
on NP

Querist : Anonymous

Querist : Anonymous (Querist)

07 October 2016 So in this case will i have to opt sec 44AD or we can file the return by giving the tax
on NP

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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07 October 2016 You are eligible to choose any of the options. Better option is choose 44AD.

Querist : Anonymous

Querist : Anonymous (Querist)

07 October 2016 Sir how 44AD can be batter in this sec i will not get the deduction of expenses also

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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07 October 2016 You said NP of 8%. NP is after deducting all expenses. If you deduct any expenses then you will be declaring NP less than 8% then tax audit applicable.

Querist : Anonymous

Querist : Anonymous (Querist)

07 October 2016 Sir 8% NP is after deducting all expenses pls tell me weathet tax audit
Will be applicable on fixed 8% NP after deducting all expenses.