Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(160322 Points)
Replied 26 August 2016
For financial year 2015-16 below 1cr, and from Financial year 2016-17 upto 2Cr. turn over of business u/s. 44AD
Manjunatha M
(students)
(52 Points)
Replied 26 August 2016
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(160322 Points)
Replied 26 August 2016
In this case this section 44AD is not applicable. The assessee has to maintain books of accounts and liable to Audit u/s. 44AB.
Manjunatha M
(students)
(52 Points)
Replied 26 August 2016
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(160322 Points)
Replied 26 August 2016
On what basis you claim turnover more than 1 Cr?
paramesh
(Article)
(92 Points)
Replied 27 August 2016
Complete the books of accounts by conversion of single entry system into double entry system.
Even cash basis of accounting is allowed for income tax purpose.
So for 15-16, compute profits as per cash basis form the cash register or bank book, and get it audited by a CA
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