Section 44ad

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

21 August 2014 Will section 44AA apply if a person declares his net profit at MORE THAN 8% of the total turnover u/s 44AD? Also is section 44AD applicable if a persons has income from more than 1 business? What constitutes turnover u/s 44AD?

Nikhil Kaushik

Nikhil Kaushik (Expert)
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21 August 2014 the sales/gross receipts shall constitute the turnover. as long as profit % is equal or above 8%, 44AD will apply. it is immaterial if you have more than 1 business

Querist : Anonymous

Querist : Anonymous (Querist)

21 August 2014 Thanks for the quick response sir.

I need to know whether accounts are required to be maintained if profit is shown above 8% as it is required in case profit is shown less than 8%.

Further, would all the taxes paid be included in the turnover?

Nikhil Kaushik

Nikhil Kaushik (Expert)
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21 August 2014 no need to maintain accounts.

the taxes should be included in the turnvoer.

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