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Breakage of 44ad
last year itr filled under 44 ad but this yr sale is 68 lacs and profit is less than.2.5 lacs itr3 is filled. but at the time of uploading of return error is shown that profit is less than 8% of turnover and audit detailed is not suitmitted.what this error means..and how to rectify it l.
Replies (22)
Quick Summary
Either declare profit as 6/8% of the total sales or go for tax audit u/s. 44AB(e) for next 5 years...
But why plz explain the provision
As per sec 44ab clause (e), if profit declared from business is less than 8% (6% in some cases)
Read Sub-sec. 44AD(4) of IT act...
Tax audit is mandatory
But profit is less than maximum amount not chargeable to tax I.e 235000
Not Just profit..... the total income should be below the BEL...
He does not have any other income except net profit from bussiness I.e 235000
In that case sec. 44AD(4) is not attracted.... i.e. no tax audit liability...
But portal is showing error at the time of e verification of itr.possible error in return
No error in ITR, if the gross total income of assessee (individual/HUF) is BEL.
But it's showing.plz tell.how to resolve it.as at the time of clicking on hyperlink of error it does not get opened like any other error.and It is also mentioned that possible error.
There may be some other error, if you need any help then I can help you in filing your ITR as we have computax software which will not show this error and resolve the issue. Audit is not required. Check your inbox if interested.
Compu is just a tool not the portal itself it will migrate the data to the portal itself.
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