Tax audit
This query is : Resolved
Nitesh Parmar
(Querist)
22 September 2014
Whether the profit and loss account includes any profits and gains assessable on presumptive basis, if yes, indicate the amount and the relevant section (44AD, 44AE, 44AF, 44B, 44BB, 44BBA, 44BBB, Chapter XII-G, First Schedule or any other relevant section.) can someone explain the same?
Nikhil Kaushik
(Expert)
22 September 2014
these are the sections where in the income is taxed on a presumptive basis. Like in 44AD 8% of the turnover is assumed to be the profit.
So if your client has any such income, you need to report here against this question
So if your client has any such income, you need to report here against this question
Nitesh Parmar
(Querist)
22 September 2014
Means if i am doing audit of the person having turnover less than Rs. 1 crore, than required to disclose such turnover under this clause.
Nikhil Kaushik
(Expert)
22 September 2014
yes you need to disclose. but the disclosure will be profit, not of turnover.
Nikhil Kaushik
(Expert)
22 September 2014
yes you need to disclose. but the disclosure will be profit, not of turnover.
24 September 2014
agreed with above reply.....................
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