Section 44ad
This query is : Resolved
Guest
Guest
(Querist)
18 June 2017
Dear members, as we know that a person is barred for next five years from using 44AD if he discontinues it.
What if the business is new and eligible assessee, but wants to declare less than deemed profit? I think that subsection 4 won't be applicable then. Am I right? If yes, then what would happen under this and other sections like 44AA & 44AB?
And for other business, what would happen after end of five year of disqualification?
What if the business is new and eligible assessee, but wants to declare less than deemed profit? I think that subsection 4 won't be applicable then. Am I right? If yes, then what would happen under this and other sections like 44AA & 44AB?
And for other business, what would happen after end of five year of disqualification?
Guest
Guest
(Querist)
18 June 2017
For example, the business is new and having turnover of around 50 lac and a profit of less than 8%. Then which provision will be applicable and what about tax audit and under which subsection?
18 October 2021
Tax audit u/s. 44AB(e) r.w.s. 44AD(4) applicable.
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