Section 44ad

This query is : Resolved

Niraj D. Gandhi (Querist)
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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.????

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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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

CA Pallav Singhania (Expert)
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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..

Niraj D. Gandhi

Niraj D. Gandhi (Querist)
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07 October 2013 Thanks for Reply..
So, In this case how will i determine the Taxable income??? I mean by what sources???

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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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

CA Pallav Singhania (Expert)
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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

Niraj D. Gandhi (Querist)
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08 October 2013 Thanks for Reply....

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