44ad
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
04 January 2014
Dear sir,
A business person made turnover for last financial year of RS.59 lakh of sales and purchase of Rs.63lakh. Now he can file his ITR return under section 44AD (balance sheet to be upload or not) please give suggestion.
A business person made turnover for last financial year of RS.59 lakh of sales and purchase of Rs.63lakh. Now he can file his ITR return under section 44AD (balance sheet to be upload or not) please give suggestion.
04 January 2014
Turnover doesn't include purchase..
However, you can avail the benefit of section 44AD presumptive taxation..
Audit u/s 44AD is applicable when:-
> turnover less than 1 crore.
> profit shown 8% or more of turnover..
for detailed info...
https://www.caclubindia.com/articles/presumptive-taxation-u-s-44ad-simplified-18779.asp
However, you can avail the benefit of section 44AD presumptive taxation..
Audit u/s 44AD is applicable when:-
> turnover less than 1 crore.
> profit shown 8% or more of turnover..
for detailed info...
https://www.caclubindia.com/articles/presumptive-taxation-u-s-44ad-simplified-18779.asp
03 October 2021
If the business is eligible business as per the act, then based on sales turnover of 59 lakhs he can declare profit margin of 8% or more. No need to upload BS or any financial statements.
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
- About TDS & Income Tax
- Section 194JA & JB Income which ITR Form to use
- Under construction property in ITR
- Pass word to open justification report for Q1 for FY 2026-27
- Scrutiny and reopening of past returns
- PPF interest-As Exempt Income disclosure
- Booth for sales promotion
- Upload Level ValidationITR3Category of Defect B/D
- F & O PROFIT REPORTING FOR AY 2026-27
- Building tax payment deduction in rental Income
- Capital Gains on sale of residential flat
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Taxation in the hands of Landowner under JDA
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
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
