Pls friends any know ans..
give replay
the above section
in section 44ab for with 1crore. rupees
and
in section 44ad for with 2 crores
for eg :
1. if person have a business of turnover of 50 lacks. he comes under 44ab and 44ad (if any)
2.if person who have a turnover 1.5 crores.
my dobut is he will turnover exceeds 1crore. then he will come under 44ab
but why the section 44ad will use.???
is sec 44ad is applicable or Not
applicable???
awaiting response friends...
Menu
different between 44ab and 44 ad...
Replies (2)
For Eligible Businesses, IT section 44AD allows income of any assessee to be assessed on presumptive basis, even if it exceeds 1 Cr. but does not exceed 2 Crs., provided other conditions of the section are satisfied.
So, the assessee can get relief from tax audit.
But if assessee do not wish to opt for section 44AD...... then section 44AB applies and accounts are required to be audited even if the TO exceeds 1 Cr.
under 44AD, you must pay taxes 6 or 8% of aggregate turnover otherwise go to audit under 44AB (lower than 6 or 8%)
Recent Topic
- Gift recd from brother
- How to show Loan write off in DPT 3?
- Form 10E and Salary arrear
- LTCG U/S 54F. Sale of property plus sale of share
- Issue with ITR2 online utility for HUF
- TDS deducted by EPFO under wrong section
- Schedule SI in ITR-2
- What is the easy way to do CA- through foundation
- Schedule FA query for this AY 2026-27
- Business income source for husband and wife
Related Topics
CAclubindia
