44ad

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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.

CA Pallav Singhania

CA Pallav Singhania (Expert)

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

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

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.

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