44ad
This query is : Resolved
01 February 2019
Dear Sir,
Facts : If Mr.A is following section 44AD for declaring his income. If during the FY 2017-18 he has sold his fixed asset for say Rs. 5,00,000/-.His turnover during the said fy is Rs.10,00,000/-.
Query : 1) Can Mr. A declare his income u/s 44AD in this case ?
2) If yes, then what will be the turnover in this case ... Rs. 10 lakhs or Rs. 15 lakhs ( 10+5)..??
Facts : If Mr.A is following section 44AD for declaring his income. If during the FY 2017-18 he has sold his fixed asset for say Rs. 5,00,000/-.His turnover during the said fy is Rs.10,00,000/-.
Query : 1) Can Mr. A declare his income u/s 44AD in this case ?
2) If yes, then what will be the turnover in this case ... Rs. 10 lakhs or Rs. 15 lakhs ( 10+5)..??
02 February 2019
Turnover of business is Rs. 10 lakhs. Inference - ICAI publication "Issues on
Tax Audit". June 2000 edition .page-6.
Tax Audit". June 2000 edition .page-6.
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