banner_ad

U/s 44-af

This query is : Resolved 
Profile Image

Profile Image

(Querist)
09 September 2011 Hello Sirji,

my business is supply of fire woods in cemetery. For A.Y.2011-12 my T.O. is Rs.46 Lakhs & I have shown profit u/s 44-af is Rs.2,35,700/- i.e. 5% of T.O. But I known from somewhere that if your A/c. is not audited u/s 44-ab then u have to file yr return u/s 44-ad and show profit 8% of T.O. So pl. give me guideline whether I have filed return correctly or I have to file revised return.
Profile Image

VISHRUT

Profile Image

VISHRUT (Expert)
09 September 2011 if you have maintained records to derive at your 5% profit figure than it is fine what you have disclose but if you do not maintain records and adhoc basis u have shown 5% profit than it will amount to cessation of income.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news



Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
29 May 2026
Finance Head

Bhawar Sales Corporation

Chennai

Graduate (Any)

View Details
Company
08 May 2026
Paid Assistants

Quick Taxperts Private Limited

Bengaluru

Graduate (Any)

View Details
Company
23 May 2026
Article Assistant

Geeta Manchanda & CO.

New Delhi

CA Inter

View Details
Company
Featured 28 May 2026
SEMI QUALIFIED/ CA DROPOUTS/ ARTICLES

T R SOOD & CO

New Delhi

CA Inter

View Details
Company
ARTICLESHIP 17 May 2026
CA Article /Trainee

Malik Sunil & co

New Delhi

CA Foundation

View Details
Company
ARTICLESHIP 14 May 2026
CA ARTICLE

PRAVEEN GARG & CO

Faridabad

CA Foundation

View Details
Company
26 May 2026
Audit executive

vdsr & co LLP

Chennai

CA Inter

View Details
Company
01 June 2026
Audit, Taxation & Compliance Executive

R P S K & Associates

Nashik

CA Inter

View Details