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
(Expert)
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.
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.
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
- Depreciation Chart Companies Act
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Capital Gail Exemption Certificate
- Taxation of crypto futures in India Fy 2026- 2027
- Transfer of Physical Stock Between Two Proprietorship Concerns
- MSME disclosure and disallowance
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- EPF ECR NEW RULES Sep 17th 2026
- Accounting treatment of AMC alongwith the purchase of Laptop
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- 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
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
