Section 44ad
This query is : Open
09 April 2018
Dear Sir,
One of my client filed income tax return 3 years continuously u/s 44ad declaring 8% of total turnover, last three years the total turnover was below 1crore rupees. for the financial year 2017-18, turnover exceeds more than 1crore, now i can t declare 8% on total turnover now i want declare lower profit and to file income tax returns audited by the CA. please suggest me can i file income tax return u/s 44AB
REGARDS
One of my client filed income tax return 3 years continuously u/s 44ad declaring 8% of total turnover, last three years the total turnover was below 1crore rupees. for the financial year 2017-18, turnover exceeds more than 1crore, now i can t declare 8% on total turnover now i want declare lower profit and to file income tax returns audited by the CA. please suggest me can i file income tax return u/s 44AB
REGARDS
09 April 2018
Yes, 44AB can be opted.
09 April 2018
The assesse can get the accounts maintained by him audited and file the return for Profit less than provided for in section 44AD. Accounts are required to be matinained as pr section 44AA
09 April 2018
please note that 44AD is applicable upto 2 cr. So if the turnover has not exceeded Rs 2 cr, you can still continue with 44AD
09 April 2018
Yes...
U/s 44AD the T/O limit Rs. 2cr. If you will continue with sec 44AD then no more restriction upto 2crores.
In case you don't want opt sec 44AD then go to maintain books of accounts as per sec 44AA and Contact nearest CA. He will guide you as per sec 44AA & 44AB...
GOOD LUCK
U/s 44AD the T/O limit Rs. 2cr. If you will continue with sec 44AD then no more restriction upto 2crores.
In case you don't want opt sec 44AD then go to maintain books of accounts as per sec 44AA and Contact nearest CA. He will guide you as per sec 44AA & 44AB...
GOOD LUCK
09 April 2018
THANKS FOR ALL KIND REPLIES, BUT ASSESEE CANT DECLARE 8%, HE WANTS TO DECLARE LOWER PROFIT PREVIOUS YEAR HE HAS PAID MORE THAN 75000 RUPEES INCOME TAX BECAUSE OF TIME LIMIT WAS SHORT. THEN HE REQUESTED ME TO DECLARE LOWER PROFIT BECAUSE PREVIOUS YEARS DECLARED PRESUMPTIVE INCOME WITHOUT BOOKS OF ACCOUNTS MAINTAINED.
REGARDS
THANKS FOR ALL
REGARDS
THANKS FOR ALL
09 April 2018
If Assessee want declare lower profit except based on sec 44AD then go to opt u/s 44AA with 44AB...
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