Tax audit
This query is : Resolved
08 August 2012
An individual is maintaining regular books of accounts. His turnover for F.Y. 2011-12 is 56 lacs for retail business. The net profit is 3.20 lacs. This is well below 8 %. If the individual does not opt for provision U/s 44 AD for presumptive assessment, will he be required to get his accounts audited U/s 44AB even though his turnover is below 60 lacs ? Any suggestion ?
08 August 2012
provisions of 44AB are applicable in this case even though turnover is less than 60 lakh for fy 2011-12
If the profit as per provisions 44AD is higher or person is suffering losses. Then he shoudl odopt provisions of Sec. 44AB
If the profit as per provisions 44AD is higher or person is suffering losses. Then he shoudl odopt provisions of Sec. 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
- Is this income indian or foreign income?
- ITC temporary reversal and reclaim
- Applicable TDS rate for sale of property in Nov 2024
- Inventory of finished goods
- Tds on building rent monthly
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Confusion around Form 26QB fields
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- Sale of property furniture sale
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Clarification on Documentation of Paid-Up Capital Contribution by Directors
- TDS under section and rate of TDS
- GST input on scooter purchased
- TDS under section 194Q and TCS under section 206C
- GST input on car insurance and repairs
- GST input on Diwali gift to employee
- GST input on Mobile Handset
- Material and freight in same invoice
- TDS under section 194J inclusive of reimbursement of expenses
- TDS on Material and Labour in same invoice
Trending Online Classes
CAclubindia
