Sec 44AD

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

13 January 2011 Dear Members,

Please go through Sec 44AD which is going to be subsituted from 01.04.11.
As per this Section all the eligible business whose total turnover doesnot exceed Rs. 60 lacs is reqd. to get their accounts audited if profit is less than 8% of the total turnover.

Eligible biz means any biz except the biz of plying, hiring or leasing goods carriages.

Thus all the biz are required to get their accounts audited if they show profit less than 8% of their turnover.

Guest

Guest (Expert)

13 January 2011 What is the query and doubt ?

Querist : Anonymous

Querist : Anonymous (Querist)

14 January 2011 Previously any business having turnover in excess than 60 lacs was reqd to get their accounts only now every company having turnover less than 60 crores is also required to get audited if the profit is less than 8% of turnover

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Guest

Guest (Expert)

14 January 2011 New provisions of Sec.44AD are not applicable to companies but any individual, HUF and firm will have to get his accounts audited if his turnover is less than 60 Lakhs and profit is less than 8% of turnover subject to condition laid down in sub-sec.(5).