44AE
This query is : Open
08 August 2017
What if, the turnover of business of Transporter exceeds Rs 1crore in FY (15-16)? Can we still adopt 44AE in such case and disclose income of Rs.7500per month per vehicle? Is there any requirement of audit in such case?
08 August 2017
No need to audit u/a 44AB(a). Inference - section 44AE(5).
09 August 2017
But I am not able to upload the return (ITR-4) and a dialougue box is appearing on the screen when i tried to upload the xml file saying "Liable for audit u/s 44ab as turnover exceeds rs.1crore." Also, I have shown profits more than the prescribed limit under section 44AE. In such a case, what would be the remedy?
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