Section 44ad
This query is : Open
Querist : Anonymous
Querist :
Anonymous
(Querist)
15 March 2012
If turnover of an individual is e.g 15,00,000/- & according to 8% he is showing his profit equal to Rs 120000/- then is he covered u/s 44ad?
Dintakurthi Tirumala
(Expert)
15 March 2012
All the Business Holders who are not liable for Tax audit under section 44AB are covers under section 44AD. In your case you said turnover related to the business then he will cover under section 44AD.
OM SAI SRI SAI JAI JAI SAI
OM SAI SRI SAI JAI JAI SAI
CA PARTH SHAH
(Expert)
11 January 2014
However if your income does not exceed the basc exemption limit, then 44ad does not apply. In your case if the actual profit is less then Rs 200000, 44AD wont apply.
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