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Section 44ad

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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)

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)

21 August 2014 no need to maintain accounts.

the taxes should be included in the turnvoer.

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