Presumptive taxation
This query is : Open
21 May 2017
SUPPOSE I AM OPTING 44AD and further i breach provision of section 44AD by claiming lower profits than 8% as per the provisions of section 44A(1) and my income is below taxable limit even then i need to get my books audited u/s 44AB .Secondly suppose in the above case my turnover exceeds 1cr rupees. What will be the implications. Tax audit will be required or not?
21 May 2017
suppose you are opting for 44AD for 2 years and then in the third year you are showing your income less than 8% the audit will be applicable and got next 5 years you can not out for 44AD
21 May 2017
For presumptive income now limit is 2cr.
21 May 2017
agreed sir.
now suppose when he showed his income in the third year less than 8% the audit will be applicable.
suppose his turnover to be 40 lacs.
he should as per the provision of 44AD(1) shows his income at 8% i.e 320000
BUT he shows his income below 8% i.e 5% only which turns out to 200000 only and it is below the taxable limit..
Will Tax Audit be required here in this case.??
21 May 2017
in this case normal provision of tax audit will be applicable
21 May 2017
got it sir thanku very much👍👍
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
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- TDS on Consultancy- Non DTAA
- Depreciation of fixed assets- coop housing society in mumbai
- Reopen of assessment proceeding
- Rental income gst and it purpose
- Management System (IMS)
- Query – TDS on purchase of land from NRI under Income-tax Act, 2025
- Eway bill generation from place other than registeted
- GST rate and HSN code for sale of racing horses
- COMMERCIAL INVOICE FOR MATERIAL AND FREIGHT
- 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
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
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
