Section 44ad

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pawan (Querist)

06 August 2011 I want to know that, whether section 44 AD is applicable in all busineses even in manufacturing busineses?

Also clarify that Section 44AD is applicable on Companies & LLPs, if Turnover is below 60 Lacs.

Then if less than 8% profit is to be claimed, then form 3Cd/3Ca/3Cb is to be prepared or any other form is prescribed for audit report.

Also clear wther Income tax returns have to be filed with digital signatures or not in these case if audit is done

Also clarify that these audit will be calculated under the ceiling limit of 45.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)

06 August 2011 It is applicable to all types of business
except , plying hiring and leasing of goods vehicle.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)

06 August 2011 Also clarify that Section 44AD is applicable on Companies & LLPs, if Turnover is below 60 Lacs.

Reply- It is applicable to an Individual Partnership Firm and HUF only as these only have been defined as eligible assessees U/s 44AD.

Section 44AD is not applicable on Companies & LLPs, if Turnover is below 60 Lacs.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)

06 August 2011 Q. -Then if less than 8% profit is to be claimed, then form 3Cd/3Ca/3Cb is to be prepared or any other form is prescribed for audit report.
Reply-

The same forms will be applicable as applicable in the Tax Audit.

It has been clearly prescribed in the section that the report of such audit should be in the format as prescribed U/s 44AB.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)

06 August 2011 Also clear wther Income tax returns have to be filed with digital signatures or not in these case if audit is done

Reply-

Yes , digital signature's will be required.

Q-Also clarify that these audit will be calculated under the ceiling limit of 45.
Reply- No.

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