Can an Assessee as a proprietor opt for U/s 44AD, i.e 8% as an income on Turnover instead of U/s 44 AB, if Turnover is more than 2 crore in retail medical shop
Menu
Opting for u/s 44 ad
Replies (4)
Assessees whose turn over exceeds Rs. 1 crore can't opt for declaring income u/s 44AD
Yes as Gowtham rightly said, U cant opt for 44AD once your turnover crosses Rs.1 Crore and also you need to get tax audit done of your books of accounts.
Thanks and Regards,
Manoj B. Gavali
44AD cannot override 44AB section... So u need to get tax audit done once turnover exceeds more than one crore.
Thanks for information sharing
Recent Topics :
- Report in GSTR 1 ( Credit Note ) for Wrong GST Rat
- Reply of summons issued under section 70 of the cg
- How to Bulk GSTIN Number Verify and Validation
- OPC Annual Filing Defaults – Need Guidance t
- OPC Annual Filing Defaults – Need Guidance t
- FCGPR of a past period
- Discuss and Download CA Final Question Paper Nov 2
- Does Parag gupta's booster batch good for CA Inter
- Police Bandobost and GST Invoice
- Understanding where manual effort goes in audit wo
Related Topics :
CAclubindia
