44AD compound business
Dithin Mathew (48 Points)
02 August 2018Dithin Mathew (48 Points)
02 August 2018
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(183048 Points)
Replied 02 August 2018
Yes........ for next five years !!!
Dithin Mathew
(48 Points)
Replied 02 August 2018
Pranjali
(intern)
(2216 Points)
Replied 02 August 2018
No. You aren't required to get an audit done.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(183048 Points)
Replied 02 August 2018
Originally posted by : Dithin Mathew | ||
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but sir Audit compulsory if the turnover crossed 1Crore under 44ab? right ? I am bit confused!!! | ![]() |
Yes, provided you had not opted sec. 44AD in any preceeding year (for at least five continuous years)
Dithin Mathew
(48 Points)
Replied 02 August 2018
Sarath Rajendran
(Nil)
(2791 Points)
Replied 04 August 2018
on the next year l want to opt out 44ad with a turnover of 80 lakh. Do I have to audit my books of accounts ?
You can opt 44 AD if your turn over is 80 lakh in the FY 2018-19 no need for Audit as per incme tax
Tax audit for Business
1. If total sales, turnover or gross receipts exceeds Rs. 1 Crore in any previous year, in case of business; or
Note: Provided that this section is not applicable to the person, who opts for presumptive taxation Scheme under Section 44AD and his total sales or turnover does not exceed Rs 2 crores.
PF & ESI Course - Labour Code 2019 Along with Examples and Case Studies