Audit under new section 44ad
This query is : Resolved
12 September 2011
Hi there!
Please let me know the nature of business / number of business covered/eligible for audit under new section 44AD. Is it applicable only to the retailers??? or is it applicable to all and sundry businessmen???
Please guide.
Please let me know the nature of business / number of business covered/eligible for audit under new section 44AD. Is it applicable only to the retailers??? or is it applicable to all and sundry businessmen???
Please guide.
13 September 2011
Eligible business (for 44AD)means
i) any business except business of plying,hiring,or leasing goods carriages referred to in section 44AE; and
ii) whose total turnover or gross receipts in the previous year does not exceed an amount of Rs.60L.
i) any business except business of plying,hiring,or leasing goods carriages referred to in section 44AE; and
ii) whose total turnover or gross receipts in the previous year does not exceed an amount of Rs.60L.
Message likes :
1 times
13 September 2011
The basic behind 44AD is
1) Minimum Net Profit should be 8% of the Turnover.
2) The gross turnover should not exceed 60L
If both the conditions are fulfilled then no Tax Audit otherwise you have to get your accounts audited u/s 44AB
1) Minimum Net Profit should be 8% of the Turnover.
2) The gross turnover should not exceed 60L
If both the conditions are fulfilled then no Tax Audit otherwise you have to get your accounts audited u/s 44AB
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- SEC 54 OF IT ACT
- Is Aadhar PAN linking required for opening bank account?
- Where to show the RCM on Rent paid to unregistered landlord
- Form 26QB for TDS on property
- CPC Processing IT Return for AY 2023-24 without recognizing the Taxation Option under New Regime
- Payable outstanding for years disallowance
- GST Annual Returns filing due date
- DTCP approval
- Whether still royalty
- TDS NUMBER SURRENDER
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding Resignation by Auditor from Pvt. Ltd.
- Regarding einvoice taken on nil rated sales
- Strategical investment in Public listed company
Trending Online Classes
-
Excel Mastery Program
CA Rishabh Pugalia
CAclubindia
