44ad
This query is : Resolved
07 November 2011
One of my assessees has annual turnover of Rs.38 Lakh in the year 2010-11.He wants to show his income u/s 44AD @ 5.5% i.e.Rs.209000.He has savings of Rs.50000.Hence his net taxable income is Rs.159000.Whether he is required to get his accounts audited u/s 44AB as per new provision.Pl suggest.
07 November 2011
As per your detail In my openion this is required for audited u/s 44ab becouse his taxable income below 5% of total turnover.
07 November 2011
But the twin condition for audit is not satisfied.as per my view the assessee need not go for audit if he shows income lower than 8% and his total income does not exceed the taxable limit.
07 November 2011
U r right Mr Bhabani but in any case the AO may demand books saying how u calculated ur NP at 5.5 %
If u show NP at 8 % no such question will arise
If u show NP at 8 % no such question will arise
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