44ab

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Jay Parekh (Querist)
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04 March 2014 If an individual has a business t/o of 40lac and if he shows a profit of 2,50,000 which is less than 8% of T/O than does he fall u/s 44AB ???

Nikhil Kaushik

Nikhil Kaushik (Expert)
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04 March 2014 yes. It does falls under 44AB (d)

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CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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04 March 2014 yes he will be covered in this section...

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Jay Parekh

Jay Parekh (Querist)
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04 March 2014 so if in any business we show profit less than 8% than we are required for Tax audit ???

this is applicable to individual and Firms and not to companies right???

Nikhil Kaushik

Nikhil Kaushik (Expert)
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04 March 2014 companies are anyways not covered under 44AD. if they cross turnover as prescribed under 44AB, audit is compulsory, other audit is not required. The percentage of profit plays no role in it.

Jay Parekh

Jay Parekh (Querist)
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04 March 2014 so if an individual incurs loss inhis business he is covered in tax audit ???

Nikhil Kaushik

Nikhil Kaushik (Expert)
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04 March 2014 well for an individual who is covered under 44AD, if the income is less than exempted limit, then tax audit wont apply. (because 44AB(d) applies where income is in excess of exempted limit.

Jay Parekh

Jay Parekh (Querist)
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04 March 2014 ia a peroson engaged in business of selling Electronic items eligible for 44AD??

Nikhil Kaushik

Nikhil Kaushik (Expert)
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05 March 2014 yes he/she is eligible....

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