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
Menu
44ad query urgent
Replies (3)
as nett profit is less than 8% audit is must
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. . . . . . . . . . .
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
Recent Topics :
- NRI since March 2023 – resident savings acco
- My All-Time Top 15 Indian Web Series
- Wrong date of invoice
- Paper 6 - IBS
- Chhath Puja 2026 Dates Timing Tithi
- Tax Benefit on Second Property
- IPO application checklist: 18 rules that decide wh
- NSE IPO Price, GMP, Allotment Date and Listing
- Gst tax rate
- Cash deposited by customer
Related Topics :
CAclubindia
