New Section 44 AD
This query is : Resolved
07 June 2011
From A.Y. 2011-2012, New section 44 AD is applicable to any business.
A partnership firm doing manufacturing business having T.T. O. Rs. 55 lacs for 2010-2011.
Whether is it compulsory to show 8% profit of total receipts
Can it show 8% profit with out giving b/s and profit and loss account
A partnership firm doing manufacturing business having T.T. O. Rs. 55 lacs for 2010-2011.
Whether is it compulsory to show 8% profit of total receipts
Can it show 8% profit with out giving b/s and profit and loss account
07 June 2011
Section 44AD attracts. Two options are available viz.,
1) declare 8% of turnover as profit subject to deduction of 40(b).
2) declare less than 8% and audit the accounts under section 44AB.
1) declare 8% of turnover as profit subject to deduction of 40(b).
2) declare less than 8% and audit the accounts under section 44AB.
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