Section 44 ad
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
04 June 2014
Dear Sir,
I am running a business by following section 28 to 34 of income tax act. My turnover in the FY 2013-14 is 60 laks, i.e., it does not exceed 100 lakhs, and its profit is 1.2Lkhs. Is it necessary to do tax audit? Is it necessary to bring again to section 44 AD to compute my taxable turnover? What is legal difference between the business u/s 28 to 34 and section 44AD?
I am running a business by following section 28 to 34 of income tax act. My turnover in the FY 2013-14 is 60 laks, i.e., it does not exceed 100 lakhs, and its profit is 1.2Lkhs. Is it necessary to do tax audit? Is it necessary to bring again to section 44 AD to compute my taxable turnover? What is legal difference between the business u/s 28 to 34 and section 44AD?
Nikhil Kaushik
(Expert)
04 June 2014
whether you are required to comply with tax audit will depend on what is your total income from all the sources. if the total income exceeds the exempted limit (Rs 2 lakhs for non-senior assessees), tax audit shall apply. otherwise tax audit is not required.
06 June 2014
nikhil tax audit doesnt apply when income exceeds the basic slab rate pls refer sec 44AB its applicable when for business income exceeds rs 1 crore and for professional its 25 lkahs.
Nikhil Kaushik
(Expert)
06 June 2014
Dear Tushar,
we are referring to tax audit being done for assessee's covered under 44AD(5).
we are referring to tax audit being done for assessee's covered under 44AD(5).
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