Applicable to 44ad
This query is : Resolved
Bishwajit Halder
(Querist)
13 September 2013
when turnover is 50,00,000, profit 3,00,000(Less than 8%), books of account properly maintained, should the Audit applicable(Partnership / Individual)? if yes then which section? is form 3CB-3CD is to be attached with ITR 4? is form 3CB-3CD to be submitted electronically in above case?
Please Help.
Please Help.
Nikhil Kaushik
(Expert)
13 September 2013
Dear Mr Halde. Yes the audit shall be applicable. Please use the relevant form as applicable under section 44AB. Yes the form is to be submitted electronically by the CA and approved by the assessee.
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Ganeshbabu K
(Expert)
13 September 2013
you can opt for 44AD no problem by showing minimum profit of 8% of turnover
So your income will be =8% on 50 lakhs
=4 lakhs
after eligible chapter VIA deductions you need to pay tax on arrived taxable income
So your income will be =8% on 50 lakhs
=4 lakhs
after eligible chapter VIA deductions you need to pay tax on arrived taxable income
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