Section 44AD
This query is : Resolved
04 June 2011
My client turnover who is individual is 50 lakh. he want to declare income less than 8%..so is he required to get tax audit.
If yes, it means 60 lakh limitfor tax audit become irrelevant??
If yes, it means 60 lakh limitfor tax audit become irrelevant??
Rakesh Jain
(Expert)
04 June 2011
Dear Amit,
Yes. After amendment in Sec 44AD in the finance act 2010 it is compulsory.
Limit of 60 lakh is irrelevant if the declared profit and gain from B&P is less than 8% of total turnover.
The Act has use the word Eligible Business and Eligible Assessee.
The silent feature of this provision is if your client has a total taxable income less than the income not taxable under income tax act than he does not requir to conduct the Tax audit. i.e. income below the limit of 1.8 lakh or 1.9 lakh or so on.
Yes. After amendment in Sec 44AD in the finance act 2010 it is compulsory.
Limit of 60 lakh is irrelevant if the declared profit and gain from B&P is less than 8% of total turnover.
The Act has use the word Eligible Business and Eligible Assessee.
The silent feature of this provision is if your client has a total taxable income less than the income not taxable under income tax act than he does not requir to conduct the Tax audit. i.e. income below the limit of 1.8 lakh or 1.9 lakh or so on.
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