Requirement of tax audit u/s 44ad
This query is : Resolved
Harsh Singhal
(Querist)
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
CA R SEETHARAMAN
(Expert)
17 August 2015
As your total income exceeded the basic exemption limit tax audit is applicable to you.
Harsh Singhal
(Querist)
19 August 2015
As per ITR form, total income is after deductions under chapter VI-A. Now will your answer would affect.
CA R SEETHARAMAN
(Expert)
19 August 2015
No, it is income before allowing deduction.
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