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Presumptive Taxation 44AD
An individual business man having 95 lakh turnover and have 5lakh rupees profit , whether he is liable for Audit??
Replies (20)
an obvious yes
yes liable for audit
for presumptive taxation one has to pay tax on profit wgich is minimum 8 percent.
if 8 prcnt profit is shown then no need for audit and return b filled in itr4-sugam.
turnover shud b below 2 crores and profit minimum 8 percnt on gross turnover to surpass audit provisions.
if 8 prcnt profit is shown then no need for audit and return b filled in itr4-sugam.
turnover shud b below 2 crores and profit minimum 8 percnt on gross turnover to surpass audit provisions.
No not required when opted for Presumptive taxation. ..as the T.O is 2 cr. Just have 8 % of T.O or your profit which ever is higher. and file ITR 4 BUT make sure you do not claim any expenses when opt for 44AD not even depreciation.
Regards
Sunil Sharma
Regards
Sunil Sharma
Yes , liable for audit u/S 44AB.
can someone one explain how it is liable as the Turn over is less than 1cr which is required for 44ab and in case he wants to opt for 44AD why can't he do so. as the T.O. limit is 2 cr...?
Because it says in 44AD.
In presumptive taxation one has to pay tax on profit which is minimum 8 percent.
if the decleared profit is below 8% tax audit is required
in the given case turnover is below 8% so tax audit is required
profit should be 7,60,000 (95,00,000*8%) or above for exemption from tax audit
Yes , liable for audit u/S 44AB...
If he can paid 8% tax of his total income then its not go to under TAX AUDIT....
Yes , liable for tax audit u/S 44AB...
profit should be 7,60,000 (95,00,000*8%) or above for exemption from tax audit,
If you want to opt for sec 44 AD, Then you have to declare profit as 8 ℅ of Turnover.
Otherwise don't opt for 44AD.
Otherwise don't opt for 44AD.
Yes liable to audit as tax is below 8% of turnover.
| Originally posted by : Suresh Pai S | ||
 |
Because it says in 44AD. |  |
Yes the section says like that but when it comes to practice it is treated like what I have mentioned that the higher of profit achieved or 8% of T.O.
| Originally posted by : Rashmi Gandhi | ||
|
Yes liable to audit as tax is below 8% of turnover. | |
Kindly tell me under which clause of section 44AB or 44AD i need to get my accounts Audited?
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