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44ad -tax audit
Does Section 44 AD is Applicable to AOP OR COOPERATIVE SOCOITY???
if its profit is lower of 8% is it liable to Tax Audit??
Replies (2)
Difference Between Earlier provisions and Amended provisions..
Upto the A.Y.2010-11
Eligible assessee Individual, HUF, AOP, BOI, firm, Co., Co-operative society or any other person.
From the A.Y.2011-12
Eligible assessee Individuals, HUFs & partnerships firms (not being a LLP).
Any business except the business covered under Sec.44AE. However commission agents specifically excluded by FA 2012.
No, Sorry But its not applicable for AOP or BOI or Society As well......Ad Yes, Tax Audit will be Needed in Case Profit below 8% is to be shown, where proper books are to be maintained for the same.
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