U/s 44ad
This query is : Resolved
24 November 2014
VERY URGENT VERY URGENT
Dear Experts
Please advice for below quary,
In building construction work, construction during the year is below 1 crore ( 92 lack) it is mention in closing stock (work in progress), and during the same year 3 shope sales, profit on shope sales is 9.5% can I filed my return u/s 44AD or liable for audit?
PLEASE FAST REPLY ME, BECAUSE DUE DATE OF AUDIT IS 30/11/2014
Dear Experts
Please advice for below quary,
In building construction work, construction during the year is below 1 crore ( 92 lack) it is mention in closing stock (work in progress), and during the same year 3 shope sales, profit on shope sales is 9.5% can I filed my return u/s 44AD or liable for audit?
PLEASE FAST REPLY ME, BECAUSE DUE DATE OF AUDIT IS 30/11/2014
24 November 2014
yes. Sec 44 AD can be opted for the sales if the total sales are below Rs.100 lakhs.Though the Act says 8% as deemed , IT department authorities at some jurisdictions demand to declare 12.5% proift minimum for construction contracts. So you may choose your option.
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