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

Save Share

This query is : Resolved

deepu kushwaha (Querist)
Follow

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)
Follow

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.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!