44ad
This query is : Resolved
07 November 2011
One of my assessees has annual turnover of Rs.38 Lakh in the year 2010-11.He wants to show his income u/s 44AD @ 5.5% i.e.Rs.209000.He has savings of Rs.50000.Hence his net taxable income is Rs.159000.Whether he is required to get his accounts audited u/s 44AB as per new provision.Pl suggest.
07 November 2011
As per your detail In my openion this is required for audited u/s 44ab becouse his taxable income below 5% of total turnover.
07 November 2011
But the twin condition for audit is not satisfied.as per my view the assessee need not go for audit if he shows income lower than 8% and his total income does not exceed the taxable limit.
07 November 2011
U r right Mr Bhabani but in any case the AO may demand books saying how u calculated ur NP at 5.5 %
If u show NP at 8 % no such question will arise
If u show NP at 8 % no such question will arise
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
- Scrutiny and reopening of past returns
- Tax on Deemed Capital Gain
- Regarding ITR filing with more value than showing in AIS/TIS
- Type of Capital Gain
- Exiting partner in partnership firm in gst portal
- Booth for sales promotion
- F & O PROFIT REPORTING FOR AY 2026-27
- Rental income of jointly held property
- ITR-3 File/Error Found
- 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
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Taxation in the hands of Landowner under JDA
- Delisted shares sold in off market/ Rebate u/s87A
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
