Section 44ad
This query is : Resolved
10 August 2013
THE ASSESEE IS CARRIYING ON TWO BUSINESS. SINCE THE PROFIT OF FIRST BUSINESS DOES NOT EXCEED 8% OF GROSS RECEIPTS OR TURNOVER OR SALES. WHERE AS THE GROSS PROFIT OD SECOND BUSINESS EXCEED 8% OF GROSS RECEIPTS OR SALES OR TURNOVER.THE TURNOVER , SALES OR GEOSS RECEIPTS OF BOTH BUSINESS TAKEN TOGETHER DOES NOT EXCEED SIXTY LAKH RUPEES.WHETHER ASSESS CAN OPT SECTION 44AD FOR ONE BUSINESS AND GET ACCOPUNT AUDITED AND DECLARE 8% OF GROSS RECEIPTS AS INCOME FROM BUSINESS AND PROFESSION IN RESPECT OF SECOND BUSINESS.
10 August 2013
In respect of all the businesses, the assessee can ,either-
1. Show Profit @ 8% Turnover or
2. Get Accounts audited and show the real profit.
.
There is no option available now as regards - audit of only one business.
.
1. Show Profit @ 8% Turnover or
2. Get Accounts audited and show the real profit.
.
There is no option available now as regards - audit of only one business.
.
Message likes :
1 times
21 August 2013
Surprisingly 44AD covers the section 44AB.
.
.
These are funniest provisions in the Income Tax Act.
.
.
Firstly assessee assumes that he is not required to get his accounts audited and thus he doesn't maintain the books properly.
.
.
At the end of the year; when he finds that profits are lesser than presumed by him as well as presumed by the Income-Tax Department (means both are at one and same stage); the CA says him to get the books audited!
.
.
Now one will go back
and
then will come forward.
.
.
Better he carry two business in two different names i.e. individuals. So simple to understand.
.
.
.
.
These are funniest provisions in the Income Tax Act.
.
.
Firstly assessee assumes that he is not required to get his accounts audited and thus he doesn't maintain the books properly.
.
.
At the end of the year; when he finds that profits are lesser than presumed by him as well as presumed by the Income-Tax Department (means both are at one and same stage); the CA says him to get the books audited!
.
.
Now one will go back
and
then will come forward.
.
.
Better he carry two business in two different names i.e. individuals. So simple to understand.
.
.
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