44AD for 8%

only TO is considered

if profit is 2 lakh on 55 lakh turnover than audit is must

acc. to sec. 44AD

IF TURNOVER IS BELOW 60,00,000/15,00,000 THEN SHOW OF PROFIT OF 8% OF TO IS COMPULSORY BUT IF ANYONE WANT TO SHOW A LOWER RATE PROFIT THEN HE MUST

1. AUDIT HIS ACCOUNTS AS PER SEC. 44 AB AND

2. MAINTAIN BOOKS OF ACCOUNTS AS PER SEC. 44AA IF HIS TI EXCEED THE MAX. LIMIT

SO ACC. TO MY VIEW AUDIT IS  COMPULSORY.

Firstly, if a person is having a loss than he has to either show the loss correctly or he has to show his profit @ 8%. I didnt understand what is the use of shoeing profit of Rs. 2 lakhs. 

So the options can be:

1. To show loss and get your accounts audited.

2. To show profit @ 8%.

SECTION 44AD IS AVAILABLE FOR RETAIL TRADERS AND CIVIL CONTUCTION COMPANIES WHOSE GROSS TOTAL TURNOVER DOES NOT EXCEED RS 60 LAKH.

agree with mukesh......Sec 44AD doesn't deal with turnover on share trading....its about Civil construction contractors....As regards applicability of sec 44AB on share trading....turnover of Rs.60lac is taken into consideration..so in your case no need to conduct a tax audit.

Ya of course, Audit is compulsory...

With effect from 01-4-2011, sec. 44AD apllies to all small buainesses whose turnover is less than rs. 60 lakhs & whos is not covered u/s 44AE....

But Now, I have question regarding applicability of TDS in Next Year.

Whether a person, whose books of accounts are audited u/s 44AD then is he liable to obtain TAN & deduct TDS in next year?

I m not sure but I think assess should deduct.

Anshu garg view is absolutely correct
 

Originally posted by : mukesh kumar singh
	SECTION 44AD IS AVAILABLE FOR RETAIL TRADERS AND CIVIL CONTUCTION COMPANIES WHOSE GROSS TOTAL TURNOVER DOES NOT EXCEED RS 60 LAKH.

The Section has been amended and now every business can file his return as per SEC 44AD if his turnover is below 60 lakh except business u/s 44AE.

Originally posted by : yogesh garg
	Anshu garg view is absolutely correct

if you want to claim loss in share trading business then u have to follow procedure as anshu garg said ....... 

The figures of Cash Balance, debtors, creditors and stock to be shown in ITR 4 or 4S should be for presumptive business alone or total of all cash balance including receipts from from other sources, salary, HP etc.

As per new Section 44AD(5), the eligible assessee shall be

required to maintain books of accounts of the eligible business in compliance with

Section 44AA and get those books audited as required by Section 44AB, only

if the following two conditions are fulfilled:-

a) Presumptive income offered for taxation in respect of the eligible business is less

than 8% of gross receipts or total turnover of the eligible business.

b) Total income exceeds the maximum amount not chargeable to income tax.

These twin conditions need to be fulfilled before attracting the provisions contained

in Section 44AA or 44AB, in relation to eligible business. In other words, if any

of these conditions are not met, then Section 44AA or 44AB shall not be attracted.