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44ad query urgent


Ramandeep singh (CA-final,M.com (Final))     29 July 2011

Ramandeep singh
CA-final M.com (Final) 
 2 likes  59 points

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clear me the sec. 44ad about the exemption limit if a person has an Turnover rs. 16 lakh and profit is rs.1.20 lakh whether he is required to audit or he can represent his income 1.20 in ITR

avater

CA ADITYA SHARMA (CA IN PRACTICE )     29 July 2011

CA ADITYA SHARMA
CA IN PRACTICE  
 2145 likes  16719 points

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as nett profit is less than 8% audit is must                                              

avater

M. N. JHA (CA)     29 July 2011

M. N. JHA
CA 
 1168 likes  8311 points

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Turnover is rs. 16 Lacs so profit @ 8% should be 1.28 lacs. . . . So u may relax after showing profit of 1.28 lacs. . . . . . . . . . . . . OR if ur total income is less then 1.60 lacs(1.90 lacs for women and 2.40 lacs for seniour citizens) then no Audit is required. . . . . . . . . . .

nikhil kulkarni (a)     24 October 2011

nikhil kulkarni
a 
 25 points

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section 44AD is not compulsory in nature, it is voluntary, if turnover is below 60 lakhs and net profit is below 8% of turnover and if books of accounts are maintened then NO AUDIT REQUIRED, as per my view


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