Gross profit Under 44AB
This query is : Resolved
05 August 2022
Dear Sir,
A person have income from business turnover Rs.2 crore books covers under section 44AB. GP increase 5% as compared to Financial year 2020-21. GP in Financial year 6.7% in 2020-21 and GP in Financial year 2021-22 is 11% Please suggest can we face any problems from IT department.
A person have income from business turnover Rs.2 crore books covers under section 44AB. GP increase 5% as compared to Financial year 2020-21. GP in Financial year 6.7% in 2020-21 and GP in Financial year 2021-22 is 11% Please suggest can we face any problems from IT department.
05 August 2022
If the turnover is up to 2 Crs. with any eligible business, you can declare the income u/s. 44AD of the act, and declare any percentage of profit from 6/8% and above, without maintenance of any books of accounts. No query will be raised.
Message likes :
1 times
06 August 2022
Sir,
We can't adopt 44AD because we leave 44 AD in Financial year 2018-19.
We can't adopt 44AD because we leave 44 AD in Financial year 2018-19.
06 August 2022
In that case you are required to audit your books mandatorily.
As per justification given by auditor under notes, the query may not be raised.
As per justification given by auditor under notes, the query may not be raised.
08 August 2022
If business turn over is less than 2 crore rupees, eligible assessee engaged in eligible business can seek to be governed under provisions of s.44AD for presumptive taxation at the rate of 6/8%.
Eligible business= any business except business of plying, hiring or leasing goods carriages when turnover thereof is less than 2 crore rupees
Eligible assessee = An individual or HUF or a partnership firm under Indian Partnership Act that has not claimed deductions under s.10A, s.10AA, 10B or 10 BA.
If you satisfy above conditions, you can declare profit at 6/8% without maintaining books.
There may be queries however from the department and though you may not be maintaining books of accounts, your bank statement may be asked for.
Author: Advocate Ravish Bhatt
Gmail: ravishdbhatt@gmail.com
Link to Linkedln Profile: https://bit.ly/3IDGfsU
Eligible business= any business except business of plying, hiring or leasing goods carriages when turnover thereof is less than 2 crore rupees
Eligible assessee = An individual or HUF or a partnership firm under Indian Partnership Act that has not claimed deductions under s.10A, s.10AA, 10B or 10 BA.
If you satisfy above conditions, you can declare profit at 6/8% without maintaining books.
There may be queries however from the department and though you may not be maintaining books of accounts, your bank statement may be asked for.
Author: Advocate Ravish Bhatt
Gmail: ravishdbhatt@gmail.com
Link to Linkedln Profile: https://bit.ly/3IDGfsU
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
- About TDS & Income Tax
- PPF interest-As Exempt Income disclosure
- Scrutiny and reopening of past returns
- Under construction property in ITR
- Pass word to open justification report for Q1 for FY 2026-27
- Section 194JA & JB Income which ITR Form to use
- Booth for sales promotion
- Building tax payment deduction in rental Income
- Upload Level ValidationITR3Category of Defect B/D
- Not able to file ITR
- LIABILITY ADJUSTMENT
- Capital Gains on sale of residential flat
- Accounting with Claude
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
