Applicability of sec. 44ad, 44ab on co.operative societies

This query is : Resolved

deepu kushwaha (Querist)
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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

CA PARAS BAFNA (Expert)
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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.

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