44 AD
This query is : Open
31 May 2011
Is the limit of section 44AB is not applicable in 44AD as per the new ammedments as it was in 44AE ?
06 June 2011
In both the sections 44AD and 44AE, if the turnover of the eligible business exceeds 60 lacs or if the assessee claims profit/income less than the presumptive rate, audit under section 44AB required
08 June 2011
Sr i read many of the books but there is no limit of 60 lacs for Section 44AE.
It is also written in ammendments of 44AD that if we are offering below 8% income and the total income chargable is below the exemption limit than there is no need for audit. It is written in exact below mentioned words
"If the assessee wants to declare lower income than the deemed profits as calculated above, he will have to maintain the books of account as per s. 44AA and get the accounts audited as per s. 44AB irrespective of turnover if his total income exceeds basic exemption limit.
"
That mean if my turnover is 22 lacs and i offer only 6% profit which comes to 132000 which is below the exemption limit and also below the presumptive rate than i m not in need to do an audit U/s 44AB?
Please guide
It is also written in ammendments of 44AD that if we are offering below 8% income and the total income chargable is below the exemption limit than there is no need for audit. It is written in exact below mentioned words
"If the assessee wants to declare lower income than the deemed profits as calculated above, he will have to maintain the books of account as per s. 44AA and get the accounts audited as per s. 44AB irrespective of turnover if his total income exceeds basic exemption limit.
"
That mean if my turnover is 22 lacs and i offer only 6% profit which comes to 132000 which is below the exemption limit and also below the presumptive rate than i m not in need to do an audit U/s 44AB?
Please guide
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