Applicability of 44ad

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Querist : Anonymous

Querist : Anonymous (Querist)

03 August 2013 My one of the client is partnership firm. Their main business is to manufacture automobile parts on works contract basis. Whether it is compulsory for them to show 8% profit if their turnover for AY 2013-14 is below 1 crore Rs

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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03 August 2013 It is compulsory to file the return by showing 8% Profit as the turnover seems to be significant.
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If Books of account are maintained , then there is one more option available. That should be exercised when the net profit is less than 8% of turnover.
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Querist : Anonymous

Querist : Anonymous (Querist)

03 August 2013 thank u sir

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