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CA. Amit G. Chandani's Expert Profile

Queries Replied : 113

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About me

Committed to Quality & Excellence blush

    What kinds of questions I can and can't answer?
    I can easily answers related to Corporate Law, Taxation, Accounting/Auditing, Costing, Compliances etc. For questions related to subjects like Information Technology, cant give quality replies.

    My area of expertise
    Company Law, Income Tax, Indirect Tax, Accounts etc.

    My experience in the area (years):
    A total of 7+ years (including pre-qualification experience of 3 years).

    Organizations I belong to:
    ITC Ltd.

    Publications or writing which has appeared :
    Article on Internal Audit, Rotation of Auditors and Women Directors have been published in caclubinida itself.

    Educational credentials:
    CA, CMA, CS and B. Com

    Award & Honors:
    Secured Highest Total marks in ICWA (stage-1) examination in June, 2009. Awarded Bikramjit Memorial Book Prize from ICWAI (now ICAI) for same.

  • mahaveer dhelariya (devta) says : AUDIT OR NOT?
    According to Section 44AD(1) an eligible person having turnover up to one crore from eligible business may adopt presumption income scheme by declaring his business income as 8 % of the turnover. Further as per Section 44AD (5) Notwithstanding anything contained in the foregoing provisions of this section, an eligible assessee who claims that his profits and gains from the eligible business are lower than the profits and gains specified in sub-section (1) and whose total income exceeds the maximum amount which is not chargeable to income-tax, shall be required to keep and maintain such books of account and other documents as required under sub-section (2) of section 44AA and get them audited and furnish a report of such audit as required under section 44AB. So as per section 44AD(5) above, if eligible person having turnover less than 1 crore but profit claims to be less than 8% ,then Tax audit u/s 44AB is mandatory.

  • mahaveer dhelariya (devta) says : AUDIT OR NOT?
    I AM NOT AGREE WITH UR ANSWER PLEASE READ THIS MATTER IN FOLLOWING LINK: http://www.simpletaxindia.net/2013/08/tax-audit-mandatory-if-turnover-of.html


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