44ad icometax

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

26 June 2012 Respected sir ,

I am Sanjiv Thakkar from Gujarat .

I need clarification regarding some points for the purpose of applicability of section 44 AD of income tax .

1 if a person having 2 business one retail trading turnover is 8 lacks second manufactring turnover is 50 lakhs what will be the applicability of 44AD

2 if a persons providing sevice 44AD is applicable to him if yes the limit of 60 lakhs is applicable to him
.
3 if a elegible assessee declare income less than 8% and his total income is less than basic exemption slab then he is not required to get his books audited
Total income here includes income under all the sources like ifos , hp , cg .

4 applicability of 44AD for the follwing business and determination of turnover
1 person dealing in share and securities
2 person dealing in speculative business
3 professional person or person providing services

CA CS Amit S. Kedia

CA CS Amit S. Kedia (Expert)
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26 June 2012 Total turnover or gross receipts in the previous year does not exceed an amount of 1 Crores.
For computing Rs. 1 crores turnover of both the eligible businesses will be taken together and 8% will calculated on such total.
It applies to services also but it should not be of commssion, agency, profession, plying, hiring of goods etc.
If the income is under the slab then not require to tax audit.

Querist : Anonymous

Querist : Anonymous (Querist)

26 June 2012 income under the slab then not requried to audit but here which income that is total income under all the head and after deducting deduction under 80c to 80u or what ? kindly through lights on it

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CA CS Amit S. Kedia

CA CS Amit S. Kedia (Expert)
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26 June 2012 Total income is to be considered after giving deduction under chapter VI-A.