U/s 44aa and u/s 44ab

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Manoj Prasad (Querist)

24 March 2013 A private or limited Company Asst.year 2012-13 (31.03.2012)

Net sale = Rs.80,00,000/-
Net profit = Rs. 40,000/- (after all exp)

is U/s 44AA AND 44AB both will apply or not, or which one will be applicable.

please advice

regards

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)

24 March 2013 According to the companies act each and every company must and should be required to maintain regular books of accounts So for company assessee always Section 44AA is Yes(applicable).

Whose gross turnover/receipts exceeds the turnover indicated in section 44AB is must and should be required to make their books of accounts tax audit u/s 44AB for such case section 44AB is Yes(applicable). Thus in your case your sales is Rs.80,00,000 i.e for A.Y 2012-13 tax audit limit tunover is Rs.60,00,000.

So for your case both 44AA and 44AB applicable.

As well as according to the section 44AA whose turover exceeds Rs.10,00,000 in any of the immediate three previouse years to the current year or likely to be exceed Rs.10,00,000 in the current year then required to maintain regular books of accounts u/s 44AA. So under this aspect also section 44AA applicable to your case.

OM SAI SRI SAI JAI JAI SAI

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Manoj Prasad

Manoj Prasad (Querist)

25 March 2013 Thanks again for your short and solid reply/advice

Manoj Prasad

Manoj Prasad (Querist)

25 March 2013 Sir, for a Private limited co.
for asst. year 2012-13 (31.03.2012)

I have submitted ITR-6 on 20.03.203 which is after due date. there was a loss of Rs.4000/-

but unfortunately I selected 139(1)

now will it make any major problem..plz advice

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)

25 March 2013 It may not be problem but while processing of your return CPC will not allow the such loss for carry forward to next years. So in case if any problem faced then we decide what we do to solve that based on the nature of the problem indicated by the CPC.

But now don't worry about that.

OM SAI SRI SAI JAI JAI SAI

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