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44AB of income tax

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consultant
64 Points Posted on 20 August 2021
Sir...one client turnover exceed 1 cr for the f.y 2020 -21. up to this year his returns filed u/s 44AD...now question is he is eligible to file u/s 44AB or not...please
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On 20 August 2021 at 22:00 Report
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Chartered Accountant
24588 Points Posted on 21 August 2021
Yes 44AD can be opted as turnover is less than 2 crores rupees
129 Reply
On 21 August 2021 at 06:07
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Practising CA
8954 Points Posted on 21 August 2021
You cannot go for 44AB as turnover is below 2 crore so proviso to 44AB cannot apply. But you can furnish books of accounts and file ITR 3.
30 Reply
On 21 August 2021 at 09:03
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consultant
64 Points Posted on 21 August 2021
Thank you for your kind reply sir... but net profit is less then 8%...how i can file sir...please
1 Reply
On 21 August 2021 at 11:12
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Practising CA
8954 Points Posted on 21 August 2021
Your query did not mention the profit percentage. You can get yourself audited. and next 5 years also you cannot go for 44AD
30 Reply
On 21 August 2021 at 11:31
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consultant
64 Points Posted on 21 August 2021
Thank you very much sir....
1 Reply
On 21 August 2021 at 11:51
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Chief Accountant
3150 Points Posted on 21 August 2021
You can fule under 44AB, but for next 5 year you can't opt for 44AD..
9 Reply
On 21 August 2021 at 14:22
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Chartered Accountant
24588 Points Posted on 21 August 2021
If profit is less than 8% then tax audit is applicable
129 Reply
On 21 August 2021 at 18:41


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