No a/c case
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
15 August 2012
Dear Expert,
Suppose there is a party who has opted Section 44AD in AY 2011-12, having turnover around 54 lacs. However in AY 2012-13 their turnover is about 96 lacs, therefore it a audit case in relevant year.
If the party still holds the net profit at 8%, it would increase their tax burden. Whether the party can show net profit @ 5%or it can cause any problem.
Please advise me.
Suppose there is a party who has opted Section 44AD in AY 2011-12, having turnover around 54 lacs. However in AY 2012-13 their turnover is about 96 lacs, therefore it a audit case in relevant year.
If the party still holds the net profit at 8%, it would increase their tax burden. Whether the party can show net profit @ 5%or it can cause any problem.
Please advise me.
16 August 2012
when sec 44ab comes with audit, 8% bar is not applied, however if profit is reduced, the department may take the case for scurtiny purpose.
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