Audit under new section 44ad
This query is : Resolved
12 September 2011
Hi there!
Please let me know the nature of business / number of business covered/eligible for audit under new section 44AD. Is it applicable only to the retailers??? or is it applicable to all and sundry businessmen???
Please guide.
Please let me know the nature of business / number of business covered/eligible for audit under new section 44AD. Is it applicable only to the retailers??? or is it applicable to all and sundry businessmen???
Please guide.
13 September 2011
Eligible business (for 44AD)means
i) any business except business of plying,hiring,or leasing goods carriages referred to in section 44AE; and
ii) whose total turnover or gross receipts in the previous year does not exceed an amount of Rs.60L.
i) any business except business of plying,hiring,or leasing goods carriages referred to in section 44AE; and
ii) whose total turnover or gross receipts in the previous year does not exceed an amount of Rs.60L.
Message likes :
1 times
13 September 2011
The basic behind 44AD is
1) Minimum Net Profit should be 8% of the Turnover.
2) The gross turnover should not exceed 60L
If both the conditions are fulfilled then no Tax Audit otherwise you have to get your accounts audited u/s 44AB
1) Minimum Net Profit should be 8% of the Turnover.
2) The gross turnover should not exceed 60L
If both the conditions are fulfilled then no Tax Audit otherwise you have to get your accounts audited u/s 44AB
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Supply through E-commerce Operators
- Sales return eway bill
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- Relief u/s Section 89
- STCG FOR GOLD ETFs
- GST ON DAMAGED GOODS
- Agriculture income or business income
- Taxation on LTCG for property sold after 24JUL2024
- Specified Profession
- REGARDING GST LIABILITY/....
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- STCG....................................................
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
