Audit u/s 44ad-44ab

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

14 March 2014 Dear sir,
Please tell me about Audit provision Regarding business. If the company, Firm, Individual, Aop & other his business income not cross threshold limit 1 corrode. Can he file income tax return u/s 44-Ad.

If any pvt. company is not cross his revenue income more than 1 corrode than the company liable to gets his accounts audited through C.A.

Thanks & Regards

Amol S Joglekar

Amol S Joglekar (Expert)

14 March 2014 44AD is appplicable to ELIGIBLE ASSESSEE
Individual, HUF, Partnership Firm.

Turnover getting crossed INR 1 crore will attract the tax audit.

Turnover less than INR 1 crore AND profit less than 8 % will attract tax audit as well.

Akash Barman

Akash Barman (Expert)

14 March 2014 Section 44ad is applicable only for Individuals,Huf and firm(not LLP).Assessee's gross receipts must not exceed Rs 1 crore. Assessee will have to report 8% or higher of GR as his income to avail PTS scheme u/s-44ad.

In your case, sec 44ad is not applicable for Company assessee's.The PVT CO will have to go with normal provisions....As also if the eligible assessee(individual/huf/firm) under PTS reports less than 8% of his Gross receipts,he should get his accounts audited by a CA u/s 44ab