Section 44ad subsection 5
This query is : Resolved
18 May 2012
Respected Experts,
I want to know that Our client is carrying business as proprietor.and the total turnover for f.y.11-12 abount 50,00,000/- and the rate of net profit is 3.5% so the net profit is 175000/- there is no any other income or deduction u/s 80c so the total net income is rs. 175000/- which is below the taxable limit.so i want to know that the net profit is less than 8% and the net income is less than the taxable limit so we have to audited our books of account or not. I think as per section there is no need to audited the account but i want to know the expert advice so kindly please guide us.
I want to know that Our client is carrying business as proprietor.and the total turnover for f.y.11-12 abount 50,00,000/- and the rate of net profit is 3.5% so the net profit is 175000/- there is no any other income or deduction u/s 80c so the total net income is rs. 175000/- which is below the taxable limit.so i want to know that the net profit is less than 8% and the net income is less than the taxable limit so we have to audited our books of account or not. I think as per section there is no need to audited the account but i want to know the expert advice so kindly please guide us.
18 May 2012
If an assessee who is covered u/s 44AD declares an income which is less than 8%, he shall be required to maintain books of accounts and also get his accounts audited.
However, there is also one more condition.
The total income of the assessee should exceed the maximum amount not chargeable to tax, i.e., his total income should be more than the exemption limit.
In this case, the total income is less than the exemption limit. Accordingly, the assessee is NOT required to maintain books of accounts and is NOT required to get his accounts audited.
However, there is also one more condition.
The total income of the assessee should exceed the maximum amount not chargeable to tax, i.e., his total income should be more than the exemption limit.
In this case, the total income is less than the exemption limit. Accordingly, the assessee is NOT required to maintain books of accounts and is NOT required to get his accounts audited.
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