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section 44ad and 44ab
explain Tax Audit limit and non tax audit limit
Replies (6)
In FY 17-18... (Also applicable FY 16-17)
u/s 44AB - Tax Audit Limit Rs. 1cr.
U/s 44AD - Less than 2cr*. If A Asseessee is eligible business u/s 44ad and he will declare his profit 8% or above then he can opt presumptive taxation scheme.
**If the business income exceeds above 2cr then Tax Audit applicable as per sec 44AD (Tax Audit 44AB)...
u/s 44AB - Tax Audit Limit Rs. 1cr.
U/s 44AD - Less than 2cr*. If A Asseessee is eligible business u/s 44ad and he will declare his profit 8% or above then he can opt presumptive taxation scheme.
**If the business income exceeds above 2cr then Tax Audit applicable as per sec 44AD (Tax Audit 44AB)...
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It is not business income. It is turnover
If Turnover 90 Lakhs, profit 5% only audit report is must or not?
also the date for filing for this case is when? july or sep?
If you are declaring income less than 8% of 90 lacs ie Rs.7,20,000 /- tax audit will be applicable.Due date will become 30.09.2018.
Last year he filed u/s.44AD, If I file u/s.44AB for this year with 5% profit, what is the loss for the assessee?
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