Is it compulsory to do audit under section 44AB in the following situation?

Turnover 80,00,000
Deemed profit as per section 44AD:-560000(8%)
Actual Profit shown :- 1,50,000

As per section 44AB when we are showing profit below 8% and income exceed the basic exemption limit than audit is compulsory.
Since my income is below 200000 audit is not compulsory as per me.
Am I Right?
Please help me

If husband transfers Rs. 1 Crore to his wife @ 5% interest and wife earns from the same @8%. Whether the difference of 3% (8%-5%) will be clubbed as income in hand of Husband.

While completing Assessment u/s 143(3) of Income Tax Act, 1961; AO added certain portion of Agricultural Income (not disclosed in return of Income filed by Assessee u/s 139(1), but declared during the course of Assessment Proceedings) as Income from Other Sources. AO further imposed penalty u/s 271(1)(c) on such income. However is Section 271(1)(c)applicable to such Agricultural Income not declared in return of income but declared during the course of assessment proceeding?

HOW CAN A SON GET/TRANSFER THE CREDIT ON HIS NAME OF TDS DEDUCTED ON FATHER'S INCOME AFTER THE DEATH OF FATHER

My father is a salaried person and he has got his Form 16 by his employer and now he wants to file his ITR . Is he required to get it audited by CA before filing return .
If he also has Rent income then also is he required to get accounts audited.

deposited income tax but there is not liability for A.y.2014-15.CAN I RFUND IT?if yes how can? plg guide

Dear Sir,

During the year 2012-13, Company "A" received fund from company "B" where the director of "A" company is a director.All amounts were received through Bank transfer. The amount has not been repaid by Company "A". However while going through the audited accounts of Company "B", it has been understood that the due has been repaid by the common director and settled the accounts accordingly.

What will be the recourse to settle the issue in the books of "A".?


Can we show it as Share application money received from director by passing journal entries in the year 2013-14 and issuing shares in the name of director?

It is not possible for us to correct the accounts in the books of Company "B" which is in no way accessible to us.

Please advice,

Regards,

CA Sajana E V.

Please guide me how to receive a tax free gift from my NRI real brother.
Thanks in advance.

My friend intends to gift one of his house property to his son. He likes to know the tax implications under Gift tax act and under income tax for him as well as for his son.Pl clarify.The value of the house property is more than Rs.50000/=

A COMPANY HAS CHANGED ITS REGISTERED OFICCE FROM WEST BENGAL TO DELHI. PLEASE TELL THE COMPLETE PROCEDURE TO CHANGE THE JURISDICTION.