Presumtive tax

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

06 July 2011 WHAT ARE THE PROVISIONS OF NEW PRESUMPTIVE TAX @ 8% and audit implication if the below audit companies does not show the profit OF 8%.

CA Ashwani Agarwal

CA Ashwani Agarwal (Expert)
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06 July 2011 I am not able to totally understand your query.

But section 44AD is not applicable on companies. It is applicable to Individuals, HUF and partnership.
If they are having turnover less than 60 lakhs then they should show 8% of turnover as Net Profit otherwise they have to get their accounts audited by a CA.