44AD
This query is : Resolved
22 July 2011
Sir,
As per sec. 44AD of income tax act....,if the turnover is less than 60lacs then tax has to be compulsoriouly paid on 8% of gross turnover....
what would happen if if the assessee claims that his income is less than presumptive income.
As per sec. 44AD of income tax act....,if the turnover is less than 60lacs then tax has to be compulsoriouly paid on 8% of gross turnover....
what would happen if if the assessee claims that his income is less than presumptive income.
22 July 2011
Then, the assessee has to maintain books of accounts as per Section 44AA and rule 6F.
22 July 2011
agree with expert
22 July 2011
Compliance of section 44AD(5) becomes mandatory.
22 July 2011
So he will have to get his accounts audited by a CA.
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
- Tax on Deemed Capital Gain
- Scrutiny and reopening of past returns
- F & O PROFIT REPORTING FOR AY 2026-27
- Booth for sales promotion
- Type of Capital Gain
- Regarding ITR filing with more value than showing in AIS/TIS
- ASMT-10 received from A O
- Rental income of jointly held property
- Accounting with Claude
- Difff in ais receipts and gst turnover
- ITR-3 File/Error Found
- Exiting partner in partnership firm in gst portal
- Taxability of credit in canara bank ET & T section (NRO)
- Consequences of Non-Deduction of TDS under Income Tax???????????????
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
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
