Section 44ad
This query is : Resolved
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.
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..
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.
07 October 2013
Yes, if your turnover doesn't exceed 1 cr. then you have to show at least 8 percent profit..
08 October 2013
Thanks for Reply....
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Off Market debit and credit transaction
- Itr 1 processing
- Showing Gift from relative in ITR for this year
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- ITR returnFY25-26
- ITR selection for salaries and capital gain less than L
- Form 10E u/s 89(1). Need clarification because experts opinions differ !!!!
- ITR 1: Details for showing Exempt Income
- Short Term Capital gain on shares bought and sold after 2018 onwards
- Share accounting-->fifo - capital gain - period as per fifo?
- Reporting Income under Section 44ADA
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
