Requirement of tax audit u/s 44ad
This query is : Resolved
17 August 2015
Please enlighten me about whether the liability of audit u/s 44AD of Income Tax Act arises under the following details of income of an assesse.
COMPUTATION OF INCOME
Income under Head Business & Profession
Profit from Wholesale Trading 65,000
Turnover : 65,00,000 (NP:1%)
Income under Head Other Sources
Interest Income 1,95,000
Total Income 2,60,000
Less: Deduction u/s 80C 11,000
Taxable Income 2,49,000
COMPUTATION OF INCOME
Income under Head Business & Profession
Profit from Wholesale Trading 65,000
Turnover : 65,00,000 (NP:1%)
Income under Head Other Sources
Interest Income 1,95,000
Total Income 2,60,000
Less: Deduction u/s 80C 11,000
Taxable Income 2,49,000
17 August 2015
As your total income exceeded the basic exemption limit tax audit is applicable to you.
19 August 2015
As per ITR form, total income is after deductions under chapter VI-A. Now will your answer would affect.
19 August 2015
No, it is income before allowing deduction.
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
OR add as source on Google news
- Acquisition of a society by a company
- EPF withdrawal before 5 years and Disclosure in ITR-2
- ITC Utilization on vehicle repair
- HRA in ITR 2 FY 2024-25
- 2.25 CRORE TRADER, NO CASH TRANSACTIONS,3CD APPLICABLE?
- Clarification on ITR 3: Is Sl. No. 64 required for 44ADA income?
- Transfer of immovable property without consideration
- FORM 115BAC
- Gratuity not yet paid shown in form 16
- Transfer of partnership interest in LLP
- Mis report in excel format of hospital
- Updation Required
- Tax invoice in special case
- GST OFFICER WRONG NOTICE
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Composition Dealer GST Annual Return Filing process
- GST on Restaurant service
- Revision under Section 264 in The Income Tax Act, 1961
- TDS under section 195.
- Filing GST Returns after death of proprietor
Trending Online Classes
-
Input Tax Credit, GST refunds and Recovery of refunds- Roadblocks and way outs
CA Nipun Arora03 September 2025 -
GST LIVE Certification Course - 43rd Weekdays Batch(With Govt Certificate)
Industry Expert15 September 2025
OR add as source on Google news
CAclubindia
