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.
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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
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