Sec 44ad
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
10 October 2011
when total income under sec 44ab is rs 140000
total income u/s 44ad is rs 350000 (no deduction )
whether assessee can opt 44ab without form 3cd & 3cb?
total income u/s 44ad is rs 350000 (no deduction )
whether assessee can opt 44ab without form 3cd & 3cb?
CA Ashwani Agarwal
(Expert)
10 October 2011
No the assessee has to get his accounts audited and the report has to be submitted in FORM 3CB And 3CD.
10 October 2011
1. If u plan to file return with Rs. 1,40,000/-as taxable income and the status is individual, no need of tax audit vide section 44AD(5) thereby no form 3CB and 3CD is required.
2. If u plan to file return with Rs.3,50,000/- as income, again 44AB audit is no required because the said amount is 8% of turnover of Rs. 43,75,000/- which is less than the threshold limit meaning thereby no need of form 3CB and form 3CD.
2. If u plan to file return with Rs.3,50,000/- as income, again 44AB audit is no required because the said amount is 8% of turnover of Rs. 43,75,000/- which is less than the threshold limit meaning thereby no need of form 3CB and form 3CD.
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