SEC 44AD
This query is : Resolved
07 June 2011
Has the new sec.44 AD of Income tax act increased the scope from 'RETAIL TRADE BUSINESS' to ' ALL BUSINESS'?
If yes,then will all commission agents,indigenous bankers,computer service centres whose turnover is less than 60 lacs and not showing presumptive income of 8% are required to get their books audited.
Has the new sec.44 AD of Income tax act increased the scope from 'RETAIL TRADE BUSINESS' to ' ALL BUSINESS'?
If yes,then will all commission agents,indigenous bankers,computer service centres whose turnover is less than 60 lacs and not showing presumptive income of 8% are required to get their books audited.
CA PARAS BAFNA
(Expert)
13 June 2011
Yes, the scope of new Section 44AD has been widened and applicable to wholesale business also unlike the old Section 44AF.
The Assessees from the category - you have mentioned in your query, will require to get their books audited if the profit shown is below 8%.
The Assessees from the category - you have mentioned in your query, will require to get their books audited if the profit shown is below 8%.
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