Section 44 ad
This query is : Resolved
13 March 2014
If i maintained my books can i file the return by showing the profit less than 8% without auditing mine books by CA
Querist : Anonymous
Querist :
Anonymous
(Querist)
13 March 2014
which are the service which are not qualifying service tax credit for IT Company . Further on capex expense whether service tax credit is available or not .
14 March 2014
Jyoti,
Audit is compulsory if the income is shown at less than 8% but above exemption limit
Audit is compulsory if the income is shown at less than 8% but above exemption limit
14 March 2014
sir, please explain in detail
14 March 2014
Jyoti,
it is simple. As long as you are an eligible assessee running an eligible business as defined under 44AD, to claim profit at less than 8%, it is compulsory that you prepare the books of accounts and get the audit done.
The only saving grace is that no audit is required if your overal income (profit) is less than the exempted limit ie Rs 2 lakhs for non-senioe citizen assessees.
it is simple. As long as you are an eligible assessee running an eligible business as defined under 44AD, to claim profit at less than 8%, it is compulsory that you prepare the books of accounts and get the audit done.
The only saving grace is that no audit is required if your overal income (profit) is less than the exempted limit ie Rs 2 lakhs for non-senioe citizen assessees.
Message likes :
1 times
18 March 2014
As per section 44AD, an eligible assessee running an eligible business can file its ITR u/s 44Ad, if his turnover is less than 1 crore, by claiming 8% profit, if he wants to show profit below 8% then, it is mandatory for him to get his accounts audited.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Applicability
- Is Aadhar PAN linking required for opening bank account?
- Where to show the RCM on Rent paid to unregistered landlord
- CPC Processing IT Return for AY 2023-24 without recognizing the Taxation Option under New Regime
- Application of 115BAC
- RCM - commercial rent paid to URP under GST
- Offsetting interest income against derivative trading losses
- TDS NUMBER SURRENDER
- GSTR-3B - Do I file nil when there is no sale but I've bought raw materials
- Legal heir raised refund , but refund issued to the closed account of deceased.
- Whether still royalty
- 20% OF DEMAND PAYMENT IN APPEAL
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding Resignation by Auditor from Pvt. Ltd.
Trending Online Classes
-
Excel Mastery Program
CA Rishabh Pugalia
CAclubindia
