A company is having turnover of Ts 59,00,000/-. Net profit declared as per book is 250000 which is less than 8% of turnover . Is sec 44AD applicable for AY 2011-12 and tax audit to be done?
Sivaraman A R (.) (1038 Points)
27 May 2011A company is having turnover of Ts 59,00,000/-. Net profit declared as per book is 250000 which is less than 8% of turnover . Is sec 44AD applicable for AY 2011-12 and tax audit to be done?
anoop bhatia
(CHARTERED ACCOUNTANT)
(144 Points)
Replied 27 May 2011
| Originally posted by : siva | ||
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A company is having turnover of Ts 59,00,000/-. Net profit declared as per book is 250000 which is less than 8% of turnover . Is sec 44AD applicable for AY 2011-12 and tax audit to be done? |
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Sec 44AD is applicable only for resident Individuals, HUF's and Firm(Not LLP)
Sec 44AD is not applicable on Companies.
Further, Companies have to get their account audited under companies act.
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