Section 44 ad
This query is : Resolved
CA jyoti karamchandani
(Querist)
13 March 2014
If i maintained my books can i file the return by showing the profit less than 8% without auditing mine books by CA
Querist : Anonymous
Querist :
Anonymous
(Querist)
13 March 2014
which are the service which are not qualifying service tax credit for IT Company . Further on capex expense whether service tax credit is available or not .
Nikhil Kaushik
(Expert)
14 March 2014
Jyoti,
Audit is compulsory if the income is shown at less than 8% but above exemption limit
Audit is compulsory if the income is shown at less than 8% but above exemption limit
CA jyoti karamchandani
(Querist)
14 March 2014
sir, please explain in detail
Nikhil Kaushik
(Expert)
14 March 2014
Jyoti,
it is simple. As long as you are an eligible assessee running an eligible business as defined under 44AD, to claim profit at less than 8%, it is compulsory that you prepare the books of accounts and get the audit done.
The only saving grace is that no audit is required if your overal income (profit) is less than the exempted limit ie Rs 2 lakhs for non-senioe citizen assessees.
it is simple. As long as you are an eligible assessee running an eligible business as defined under 44AD, to claim profit at less than 8%, it is compulsory that you prepare the books of accounts and get the audit done.
The only saving grace is that no audit is required if your overal income (profit) is less than the exempted limit ie Rs 2 lakhs for non-senioe citizen assessees.
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Ankit Aggarwal
(Expert)
18 March 2014
As per section 44AD, an eligible assessee running an eligible business can file its ITR u/s 44Ad, if his turnover is less than 1 crore, by claiming 8% profit, if he wants to show profit below 8% then, it is mandatory for him to get his accounts audited.
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