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%.
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.
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