Section 44ad v/s 44ab
This query is : Resolved
Sanjay Diwakar
(Querist)
21 January 2014
hi,
kindly clarify..
If the assesse is argues that his presumptive income is less than 8%, then his accounts need be certified under 44AB..???
evan if his turnover is less than 1 Core, still he need tax audit u/s 44AB..???
Suggest pls
kindly clarify..
If the assesse is argues that his presumptive income is less than 8%, then his accounts need be certified under 44AB..???
evan if his turnover is less than 1 Core, still he need tax audit u/s 44AB..???
Suggest pls
Kailash Mehta
(Expert)
21 January 2014
Yes, even if turnover is less than 1 cr., tax audit is required u/s 44 ab to show profit less than 8%
AVTAR SINGH
(Expert)
21 January 2014
If the turnover is more than 1 crore, the tax audit is must u/s 44AB.
If the turnover is not more than 1 crore, the tax audit is compulsory only if the net profit is less than 8%.
If the turnover is not more than 1 crore, the tax audit is compulsory only if the net profit is less than 8%.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Accounting treatment of AMC alongwith the purchase of Laptop
- Nursery business
- GST REFUND ISSUE ON PURCHASE OF PLANT AND MACHINERY
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- TDS on Dashcam rent and allied services
- Section 269ST applicability for capital introduced by partner to his partnership firm
- Intimation under section 245
- ETDS return q4 25-26
- Tax on Amount transferred in HUF Account
- HOW TO ADJUST CREDIT NOTE AMOUNT ?
- Import Order Cancelled.
- Working on Gold wastage during Melting of old gold jewellery
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
