Section 44ad
This query is : Resolved
22 September 2013
Facts -
Assessee - HUF
Business Turnover - Rs.30 lakhs
Net income as per books - Rs.1.25 lakhs
My ques is whether I should file Income tax return and if yes which ITR Form should i file ?
Please answer with reference to following sections - sec 44AD for presumptive taxation, sec 44AB for applicability of Tax Audit, sec 139(1) for filing of return.
Please note that I am claiming net income to be less than 8% of turnover.
But sec 44AD (5) says you have to get your books audited u/s 44AB if your income exceeds maximum amount not chargeable to tax.
Please advise accordingly.
Assessee - HUF
Business Turnover - Rs.30 lakhs
Net income as per books - Rs.1.25 lakhs
My ques is whether I should file Income tax return and if yes which ITR Form should i file ?
Please answer with reference to following sections - sec 44AD for presumptive taxation, sec 44AB for applicability of Tax Audit, sec 139(1) for filing of return.
Please note that I am claiming net income to be less than 8% of turnover.
But sec 44AD (5) says you have to get your books audited u/s 44AB if your income exceeds maximum amount not chargeable to tax.
Please advise accordingly.
22 September 2013
Dear Rohan,
Yes. If the income is less than the exempted limit, in this case Rs 2 Lakhs, the audit is not required.
However, be assured that the AO has the discretion to check the validity of your claim.
You may use normal tax return. Dont use ITR 4S.
Yes. If the income is less than the exempted limit, in this case Rs 2 Lakhs, the audit is not required.
However, be assured that the AO has the discretion to check the validity of your claim.
You may use normal tax return. Dont use ITR 4S.
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