44ad applicable or not

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

27 July 2011 DEAR SIR

MY FIRM HAS TOTAL TURN OVER IS 53 LACS AND INCURRED LOSS OF RS 10 LACS. THIS IS FIRST YEAR OF PARTNERSHIP FIRM.

AND WHAT IS DUE DATE FOR FILLING OF RETURN?

CA Navin Jain

CA Navin Jain (Expert)
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27 July 2011 YES, SECTION 44AD IS APPLICABLE, YOU NEED TO SHOW 8% PROFIT OF TOTAL TURNOVER, IN THIS CASE RETURN FILLING DATE IS 31.07.2011

BUT IF YOU WANTS TO SHOW LOSS OF RS. 10 LACS THEN TAX AUDIT UNDER SEC 44AB IS APPLICABLE, AND DUE DATE OF FILLING IS 30.09.2011.

Querist : Anonymous

Querist : Anonymous (Querist)

27 July 2011 THANK YOU SIR.

WHETHER AS-7 APPLICABLE? IF NATURE OF BUSINESS IS CONSTRUCTION

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