banner_ad

Nesseciated for either tax audit or presumptive under s.44ad

This query is : Resolved 
Profile Image

Profile Image

(Querist)
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......
Profile Image

Rupesh Jain

Profile Image

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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news



Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
ARTICLESHIP 15 May 2026
Audit Assistant / Article Trainee / Intern

SSGS and Associates

Chennai

CA Inter

View Details
Company
26 May 2026
Senior Accountant cum purchase Manager

Vardhaman Group of India

Pimpri Chinchwad

CA Inter

View Details
Company
ARTICLESHIP 14 May 2026
CA ARTICLE

PRAVEEN GARG & CO

Faridabad

CA Foundation

View Details
Company
14 May 2026
Financial Analyst - Remote Finance Expert

HiringBridge

Ahmedabad

CA

View Details
Company
ARTICLESHIP 23 May 2026
Article Assistants

Acupro Consulting

Gurgaon

CA Inter

View Details
Company
ARTICLESHIP 08 June 2026
Internal & Taxation Article

O P Bagla & Co LLP

New Delhi

CA Inter

View Details
Company
ARTICLESHIP 27 May 2026
CA Article Trainee

Rahul Dang & Associates-Chartered Accountants

Pune

CA Inter

View Details
Company
16 May 2026
Audit clerk

mgirt & co

Bengaluru

CA Inter

View Details