substituting a new section 44AD

Hello friend,

Income means taxable income under head Income from Business or Profession after allowing deduction from sec 30 to 37. However in case of partnership firm you can claim deduction of interest and remunaration paid to partner subject to provisions of act. No other deduction is available.

SIR 44AD WILL APPLICABLE ON LESS THAN 40LACS TURNOVER NOT MORE THAN 40 LACS

Dear sir

Amendment in Sec 44AD will provide professional opurtunities for young CA's as now many more assessee's doing any kind of business (earlier limited to retail traders) will have to undergo audit if they are showing net profit before partner's interest and salary in case of Partnership firms lesser than 8 % of turnover which will be covering large number in assessee's in smaller cities having turnover then 40 Lakhs

so thanks Mr. FM

Thanks & Regards

CA Tushar Bansal

Partner

Vipul Tushar & Co

103, Puneet Vrindawan, Sanjay Place

Agra

Ph: 0562-4000812, email : tusharbansal29 @ rediffmail.com

i am agree with mr Tusar bansal.

if total income is less than  texable income then audit is not required.