Meaning of turnover

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

13 September 2013 if an assessee have purchases of Rs:-1.10 crore and sale of only Rs:-80 lakhs and have closing stock of Rs:-30 lakhs, his gross receipt amounts to Rs:-75 lakhs during the year, then can he opt for 44AD as he have sale of less than Rs:-1 Crore?

Jayant Bothra

Jayant Bothra (Expert)
Follow

13 September 2013 Dear Sir,

Yes, your assessee is eligible to opt for 44AD as his turnover is not exceeding Rs. 1 crore so no requirement for audit exist upon him.

Thanks & Regards
CA JAYANT BOTHRA
email: ca.jayantbothra@gmail.com
M 9873-626-020