Section 44ad
This query is : Resolved
21 July 2018
FOR ASST YEAR 208-19
MY TURNOVER IS 2013663
REMUNERATION PAID TO PARTNERS RS 80000/-
INTEREST ON CAPITAL PAID TO PARTNERS @ 9% RS 61279/-
NET TAXABLE PROFIT IS 23325/-
PLEASE ADVISE ME WHETHER I HAVE TO AUDIT MY BOOKS OF ACCOUNTS OR I CAN FILE RETURN U/S 44AD.
THANKS
MY TURNOVER IS 2013663
REMUNERATION PAID TO PARTNERS RS 80000/-
INTEREST ON CAPITAL PAID TO PARTNERS @ 9% RS 61279/-
NET TAXABLE PROFIT IS 23325/-
PLEASE ADVISE ME WHETHER I HAVE TO AUDIT MY BOOKS OF ACCOUNTS OR I CAN FILE RETURN U/S 44AD.
THANKS
21 July 2018
Though the limit for audit of books of accounts is specified under section 44AB and you are not a case for the same still you can not file your return under section 44AD and have get the books of accounts audited as your profit is below 8% and income is taxable (please refer section 44AB(e)
Disclaimer : The answer to the query is given on the basis of the query as understood by the author. Author shall not be responsible for any loss or damage caused for the action taken based on the answer. The querist is advised to take legal opinion before taking any action.
Disclaimer : The answer to the query is given on the basis of the query as understood by the author. Author shall not be responsible for any loss or damage caused for the action taken based on the answer. The querist is advised to take legal opinion before taking any action.
21 July 2018
You have to audit books of accounts as you are declaring profit less than 8%.
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
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- GST on export of services and Input Credit
- TDS U/S. 194NF
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- ITC temporary reversal and reclaim
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- Tds on building rent monthly
- Confusion around Form 26QB fields
- Adjustment entry in the case of Individual and HUF on 31st March
- Stock difference tax applicable on composite rate or normal rate
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- 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?
Trending Online Classes
CAclubindia
