How the 44AD is applicable in the following 2 cases:
1) Turnover 35 lakhs and income 5 lakhs. i.e.>8%
2) Turnover 40 lakhs and income 2.5 lakhs i.e. <8%.
Also turnover means gross or net turnover?
Thanks in advance
Menu
44 ad
Replies (3)
Somebody please reply
in situation one where u r declaring more than 8% profit u dont need to get ur accounts audited . And in situation no. 2 u have to get ur account audited.
For turnover there are different views in different kind of business.
In situation 1, income will be calculated under normal provisions of the income tax act i.e provisions from sec 28 to sec 43C will be applicable but the income will be called 44AD income.Assessee need not maintain books of accounts or pay advance tax.
Recent Topic
- AIS UTILITY
- NPS Premature withdrawl -Tier 1 Account
- Provident fund taxation
- ITR3 AY 26-27 Error in filling status
- Queries on TDS as per IT
- Capital Gains set off on Sale of Land if held for
- ITR Form for income from freelance consultancy
- Gst rate for HSN code 28530010
- Health Insurance
- India GST Mobile App
Related Topics
CAclubindia
