whether profit above 8% can be shown as per section 44AD?
Whether profit above 8% can be shown as per section 44AD in returns?
Maruti Prasad (Senior Accountant) (49 Points)
29 December 2020
2 Replies
Akhil Goyal
(9 Points)
Replied 29 December 2020
Yes. audit is required when your profit is below 8%, but if your profit is more than 8% then you can file your ITR with 44AD keeping a check on T/O limits.
Balamurali Unnithan MS
(STUDENT)
(1631 Points)
Replied 29 December 2020
Sure , but turnover exceeds Rs .2 Crore for goods and 50 lakhs for services , you cannot .
Recent Topics
- How to report INCOME & TDS in ITR 2 - Deducted
- Gift from parents settled Abroad
- Outsourcing Arrangements
- Fno unrealised profit
- TDS payment for one deductee
- Govt. Grant
- REBATE IN OLD AND NEW REGIME
- Is section 40a 3 applicable to trust
- Regarding interest under section 234D
- Refund in case of legal heir.
Related Threads
CAclubindia
