Am i right for sec 44ad
Querist : Anonymous
plz suggest as m i right in that case.....Assessee is a partnership firm having share trading business (sub-broker), where no book are maintained..
Income from commission is = 400000
Profit as per sec 44AD(8% of40000) = 32000
less :salary (90 % of book profit) = 28800
less : intt. on capital = 1000
taxable income = 2200
tax on income = 660
cess = 20
total tax = 680
He will have to file ITR 4.
Querist : Anonymous
Accordingly, such assessee CANNOT avail benefit of Section 44AD.
They will have to compute taxable income as per the normal provisions of the Act.
Income less: expenses.
Querist : Anonymous
so, plz clarify wheather audit is mandatory that.......
Income is 400000
Expense is 380000
Taxable income is 20000
Tax on Income is 6000
Querist : Anonymous
why audit is not mandatory even i declare profit below 8% of receipt
Since you are NOT covered u/s 44AD that provision is not applicable.
Normal provision (Section 44AB) is applicable. So, audit is mandatory only if turnover exceeds the limit u/s 44AB.
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