09 March 2015
If the assessee was under Tax audit in AY 2012-13 in the subsequent year the same assessee's T/o does not exceed Tax audit limit IN AY 2012-13 T/o above 60Lac IN AY 2013-14 & 2014-15 T/o less than 1cr
can we file the assessee's return under sec 44ad for AY2013-14 and 14-15.
Also Please provide with the Act Reference
Assessee's in in business other than plying, hiring and leaseing of goods
09 March 2015
Yes you can file return u/s 44AD being eligible assessee.
Applies to: Any eligible assessee engaged in an eligible business. Eligible assessee is defined as an individual, HUF, resident partnership firm, but excludes an LLP under the LLP Act, 2008 and any assessee who has claimed a deduction under sections 10A, 10AA, 10B, 10BA or heading C of Chapter VIA (sections 80I-A, 80-IB, etc.). An eligible business means any business other than the business of plying, hiring, or leasing of goods carriage as given in section 44AE and whose turnover/gross receipt in the previous year does not exceed Rs. 60,00,000 in A.Y. 2011-12 and 2012-13 and Rs. 1,00,00,000 in AY 2013-14 or in Year Succeeding the AY 2013-14.
10 March 2015
If your turnover is exceeding the limits you have to maintain books of accounts and option not available for 44AD and liable for tax audit u/s 44AB.
CAclubindia
