PLEASE SOLVE MY FOLLOWING QUERIES
( 1 ) CAN ANYBODY TELL ME IF NET PROFIT OF CLIENT IS LESS THAN 8% OF TURNOVER AND ALSO BELOW TAXABLE LIMIT THEN AUDIT U/S 44AD IS APPLICABLE OR NOT???
( 2 ) THIS TIME AUDIT REPORT EFILING IS COMPULSORY THEN WHY INCOMETAX WEBSITE DOESN'T ACCEPT MORETHAN 45 AUDIT IN CASE THE AUDIT REPORT IS NOT AS PER SECTION OF 44AB??? IS AUDIT UNDER SECTION 44AD IS INCLUDED IN LIMIT OF 45 AUDITS???
- As per the provision given u/s 44AD(5), it total Income doesn't exceed maximum amount not charble to tax (i.e. Rs. 200000 in case of Individual other than sinior citizen Rs. 250000 and super sinior citizen Rs. 500000), no audit is required and you can have that profit as PGBP.
- Second, Audit u/s 44AD is done u/s 44AB, so limi applies here.
Gowra Ventures Pvt Ltd
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VIKAS VERMA & CO
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Triveni Turbine Limited
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CAclubindia
