Section 44 ad

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Dhawal

Dhawal (Querist)
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13 March 2014 Can an unregistered dealer issue H Form?

CA jyoti karamchandani

CA jyoti karamchandani (Querist)
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13 March 2014 If i maintained my books can i file the return by showing the profit less than 8% without auditing mine books by CA

Querist : Anonymous

Querist : Anonymous (Querist)

13 March 2014 which are the service which are not qualifying service tax credit for IT Company . Further on capex expense whether service tax credit is available or not .

Nikhil Kaushik

Nikhil Kaushik (Expert)
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14 March 2014 Jyoti,

Audit is compulsory if the income is shown at less than 8% but above exemption limit

CA jyoti karamchandani

CA jyoti karamchandani (Querist)
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14 March 2014 sir, please explain in detail

Nikhil Kaushik

Nikhil Kaushik (Expert)
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14 March 2014 Jyoti,

it is simple. As long as you are an eligible assessee running an eligible business as defined under 44AD, to claim profit at less than 8%, it is compulsory that you prepare the books of accounts and get the audit done.

The only saving grace is that no audit is required if your overal income (profit) is less than the exempted limit ie Rs 2 lakhs for non-senioe citizen assessees.

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Ankit Aggarwal

Ankit Aggarwal (Expert)
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18 March 2014 As per section 44AD, an eligible assessee running an eligible business can file its ITR u/s 44Ad, if his turnover is less than 1 crore, by claiming 8% profit, if he wants to show profit below 8% then, it is mandatory for him to get his accounts audited.

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