Dear Sir
In the FY - 2011 - 2012 I was doing a contract business and I am collected a Total Sum of Rs. 65,00,000/- out of which Contract Amount and Service tax is Rs. 58,93,019 and Rs. 6,06,981 respectively at this time I am Eligible for Opting Sec 44AD or my account compulsory Audited U/s 44AB because Contract amount + Service Tax is Crossed Tax Audit Thresh hold 58,93,019+6,06,981=65,00,000
Please tell
Its urgent
Thanking you
In my opinion, it should be eligible for 44AD, since the amount of service tax cannot be included in tunrover, since it is a statutory liability.....
You need not require to get your accounts audited u/s 44AB.
That is you can avail benefit of Sec 44AD, subject to fulfillment of conditions of Sec44AD.
CAclubindia
