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Required understand the meaning of this line with example
person carrying on the business shall, if the provisions of sub-section [4] of section 44AD are applicable in his case and his income exceeds the maximum amount which is not chargeable to income-tax in any previous year.
Replies (7)
An eligible assessee having eligible business..... who declares less than 6/8% profits over turnover.......... [ie. meanung of sub-sec. 44AD(4)]........
Now, if his total income from all five heads of income as calculated under income tax rules & regulations....... if that amount exceeds (2.50L for <60Yrs.) Max amt NC to tax...... is second condition......
If both conditions satisfied.......... (tax audit as per sec. 44AB applies)
in case of no profit and loss in partnership firm..in that case tax audit provisions not applies..is it correct.
Based on this year's computation..... yes..
But there is one more aspect as per sec. 44AD(5).
what is that aspect sir.
Had you opted for sec. 44AD last year?
in both cases what will happened..
Good Luck ...
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