gaurangchavda (Student CA Final ) (25 Points)
31 January 2019if T/O of business 40lacs..
profit is 1 lac.. that is less then basic exemption limit..
need to audit in current year..??
assessee claim 44AD last year..
Akhil
(Student CA )
(1005 Points)
Replied 31 January 2019
Chhalani and Associates
(CA - www.cachhalani.com)
(142 Points)
Replied 31 January 2019
You can opt out of presumptive taxation scheme (44AD) and declare lower income, without audit. However, in that case you will not be allowed to opt again for 44AD for next five years.
sukanya
(Student CA Final )
(45 Points)
Replied 31 January 2019
S C Bichhawat
(Proprietor)
(31 Points)
Replied 31 January 2019
In case the total income of the assessee is below taxable limit (250000/-) no need to do audit u/s 44AD.
Otherwise file the return by applying 8% or 6% as the case may be and pay tax accordingly to avoid Audit.
S C Bichhawat
(Proprietor)
(31 Points)
Replied 31 January 2019
In case the total income of the assessee is below taxable limit (250000/-) no need to do audit u/s 44AD.
Otherwise file the return by applying 8% or 6% as the case may be and pay tax accordingly to avoid Audit.
CAclubindia
