Nesseciated for either tax audit or presumptive under s.44ad
This query is : Resolved
01 July 2014
Please guide me...
If an assessee has a turnover of 65,00,000/- approx, other income of Rs. 5,00,000/- approx, gross profit of Rs. 7,80,000/- approx & net profit of Rs. 5,22,000/- approx, then is such assessee under obligation or liable to get his income either audited or presumptive u/s 44ad, or rather such assessee can file a simple return showing any amount of profit??
Also, please let me know that which assessee gets under obligation to choose either of such ways i.e. tax audit of income or show presumptive income u/s 44ad??
THANX IN ADVANCE, EAGERLY WAITING FOR YOUR VALUABLE REPLY......
If an assessee has a turnover of 65,00,000/- approx, other income of Rs. 5,00,000/- approx, gross profit of Rs. 7,80,000/- approx & net profit of Rs. 5,22,000/- approx, then is such assessee under obligation or liable to get his income either audited or presumptive u/s 44ad, or rather such assessee can file a simple return showing any amount of profit??
Also, please let me know that which assessee gets under obligation to choose either of such ways i.e. tax audit of income or show presumptive income u/s 44ad??
THANX IN ADVANCE, EAGERLY WAITING FOR YOUR VALUABLE REPLY......
Rupesh Jain
(Expert)
01 July 2014
if your net income is below the 8% of the gross sales then you have to take audit report on your book of accounts. otherwise not required.
your are tell above source of other income.
your are tell above source of other income.
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
- Accounting treatment of AMC alongwith the purchase of Laptop
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Issuing of delivery challan by seller of goods
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- Nursery business
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Tax on Amount transferred in HUF Account
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
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
