Sec 44ab & 44ad
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
30 August 2011
AS PER SECTION 44AD ALL BUSINESS ARE COVERED. ASSESSEE IS REQUIRED TO MAINTAIN BOOKS OF ACCOUNT IF HE SHOWS PROFIT BELOW 8% AND HIS PROFIT FROM SUCH BUSINESS EXCEEDS MAXIMUM AMOUNT NOT CHARGEABLE TO TAX i.e 160000/-.
AS PER SEC 44AB ASSESSEE IS REQUIRED TO MAINTAIN BOOKS OF ACCOUNT IF HIS PROFIT EXCEEDS 120000.
THUS EVERY ASSESSEE WILL OPT FOR 44AD SHOW HIS PROFIT BEFORE 120000 BUT BELOW 160000 AND WILL NOT MAINTAIN BOOKS OF ACCOUNT.
AS PER SEC 44AB ASSESSEE IS REQUIRED TO MAINTAIN BOOKS OF ACCOUNT IF HIS PROFIT EXCEEDS 120000.
THUS EVERY ASSESSEE WILL OPT FOR 44AD SHOW HIS PROFIT BEFORE 120000 BUT BELOW 160000 AND WILL NOT MAINTAIN BOOKS OF ACCOUNT.
30 August 2011
Dear Aninymous
please read the starting lines of Sec.44AD "Notwithstanding anything to the contrary contained in sections 28 to 43C....."
what it means that if you follow Sec.44AD, then Sec. 28 to 43C will not be applicable/applicable subject to Sec.44AD to the eligible assessee.
So, if eligible assessee opting for this section, then there is no need to maintain books of accounts related to the eligible business.
Income criteria is totally irrelevant if the eligible assessee following Sec. 44AD.
hope the query is clear
now cheers
please read the starting lines of Sec.44AD "Notwithstanding anything to the contrary contained in sections 28 to 43C....."
what it means that if you follow Sec.44AD, then Sec. 28 to 43C will not be applicable/applicable subject to Sec.44AD to the eligible assessee.
So, if eligible assessee opting for this section, then there is no need to maintain books of accounts related to the eligible business.
Income criteria is totally irrelevant if the eligible assessee following Sec. 44AD.
hope the query is clear
now cheers
Querist : Anonymous
Querist :
Anonymous
(Querist)
19 January 2012
then sir what will b the criteri for 120000 as per 44ab
07 August 2023
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