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Section 44 AD & ab
if total turnover of my business is 70 lack in 19-20 & I declare profit below 8% then can I claim 44 ad in FY 20-21
Replies (3)
Quick Summary
You can declare profits below 6% / 8% as the case may be but now you need to comply eith Sec 44AA (Maintenance of Books of Accounts) and Sec 44AB (Tax Audit)
Below 8% means how much ?
If turnover is in non-cash mode, you need to declare 6% profit minimum. Below this, don't file under 44AD. File ITR3 with PandL , Balance sheet with whatever actual profit figure. And note that there is no audit requirement as turnover is below 1 CR
If turnover is in non-cash mode, you need to declare 6% profit minimum. Below this, don't file under 44AD. File ITR3 with PandL , Balance sheet with whatever actual profit figure. And note that there is no audit requirement as turnover is below 1 CR
Yes.... I agreed to Mr NAVEEN CHAND reply...
@ Mr Prashant kumar.,
Yes... You can file ITR for the FY 19-20 with less than 8 percent as per Mr Naveen Chand view...
For FY 20-21 You can opt sec 44ad if all conditions are fulfilled as per section. No more restrictions based on FY 19-20 with FY 20-21...
Note : FY 20-21 reply only based in Your query...
@ Mr Prashant kumar.,
Yes... You can file ITR for the FY 19-20 with less than 8 percent as per Mr Naveen Chand view...
For FY 20-21 You can opt sec 44ad if all conditions are fulfilled as per section. No more restrictions based on FY 19-20 with FY 20-21...
Note : FY 20-21 reply only based in Your query...
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