Applicability of sec. 44ad, 44ab on co.operative societies
This query is : Resolved
deepu kushwaha
(Querist)
17 February 2012
being a co.operative society our receipts are Rs. 1720580/- as a civil contractor in A.Y 2010-2011. can we show our income below 8%. whether tax audit is applicable of not if we shows profit below 8% as per books of accounts.
CA PARAS BAFNA
(Expert)
17 February 2012
Section 44AD is not applicable to a co-op. Society as it is not the "eligible assessee"
as defined vide Explanation to Section 44AD.
.
You have to get audited your accounts from the Co-Op Societies Act point of view only.
Under IT you need not to get accounts audited.
as defined vide Explanation to Section 44AD.
.
You have to get audited your accounts from the Co-Op Societies Act point of view only.
Under IT you need not to get accounts audited.
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