Section 44ad
This query is : Resolved
Niraj D. Gandhi
(Querist)
07 October 2013
Dear All,
If assessee maintains books of account in computerized form and in Asst. Year 2013-14, its books of account is damaged. Due to this his business's AUDIT is not possible.So, What would be the causes????
And Whether he opts Presumptive Tax System during AY 13-14 as his A/c is not available due to unavoidable causes.????
If assessee maintains books of account in computerized form and in Asst. Year 2013-14, its books of account is damaged. Due to this his business's AUDIT is not possible.So, What would be the causes????
And Whether he opts Presumptive Tax System during AY 13-14 as his A/c is not available due to unavoidable causes.????
07 October 2013
ditor will refrain from giving any opinion and if sec 44AD applies and all condition in it is satisfied then yes can opt for 44AD in this case also.
CA Pallav Singhania
(Expert)
07 October 2013
Agree with Expert,
Damages of Books of Accounts is not any criteria for opting section 44AD,
only after fulling the criteria U/S 44AD,section 44AD will be applied..
Damages of Books of Accounts is not any criteria for opting section 44AD,
only after fulling the criteria U/S 44AD,section 44AD will be applied..
Niraj D. Gandhi
(Querist)
07 October 2013
Thanks for Reply..
So, In this case how will i determine the Taxable income??? I mean by what sources???
So, In this case how will i determine the Taxable income??? I mean by what sources???
07 October 2013
from ur cash incomes and from bank statements and from other available sources find out the total gross receipts, it should be less then rs 1 crores.
CA Pallav Singhania
(Expert)
07 October 2013
Yes, if your turnover doesn't exceed 1 cr. then you have to show at least 8 percent profit..
Niraj D. Gandhi
(Querist)
08 October 2013
Thanks for Reply....
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