44ad presumptive taxation
This query is : Resolved
31 December 2011
Dear Colleagues,
1.Is 8% Profit on Gross Receipts Mandatory on All cases? what about audit report If it is less than 8%.If income not offered U/s. 44AD. for the Asst Yr. 2011-12.
2.Shall We submit return at Less than 8% profit if income not offered u/s.44AD and Audit report preparation mandatory or not for the Asst Year. 2011-12
1.Is 8% Profit on Gross Receipts Mandatory on All cases? what about audit report If it is less than 8%.If income not offered U/s. 44AD. for the Asst Yr. 2011-12.
2.Shall We submit return at Less than 8% profit if income not offered u/s.44AD and Audit report preparation mandatory or not for the Asst Year. 2011-12
31 December 2011
Firstly, Section 44AD of the Income Tax Act over rides the chapter of PGBP. That means an eligible assessee is mandatorily required to offer income under Section 44AD.
Secondly, showing 8% income is mandatory if the assessee wants to avail the following two benefits:
1. Non-maintenance of accounts.
2. No audit of accounts.
An assessee can show income less than 8%, in which case he shall have to comply with the following:
1. Maintain books of accounts, and
2. Get his accounts audited.
Secondly, showing 8% income is mandatory if the assessee wants to avail the following two benefits:
1. Non-maintenance of accounts.
2. No audit of accounts.
An assessee can show income less than 8%, in which case he shall have to comply with the following:
1. Maintain books of accounts, and
2. Get his accounts audited.
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