Business&Profession
This query is : Resolved
BHARAT KUMAR SONI
(Querist)
06 June 2016
please explain section44AD
CA Bhinang Tejani
(Expert)
06 June 2016
44AD is for those assessee who are not liable for tax audit.
This section is for assesse who don't maintain full books of account. you can disclose 8% of Turnover as GTI.
PS: you have to maintain cash, bank, debtor's and Creditors.
CA SUNIL K GARG
(Expert)
07 June 2016
Sec 44AD is is for those assesses who do not maintain complete books of Accounts.They can file the return by showing 8% of Total revenue as Gross Total Income without having the need to prepare Profit & Loss A/c And Balance Sheet.
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