Section 44ad

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

20 November 2013 Dear Experts
In case of Part. Firm having Construction business, decides its turnover of Rs.55 Lakhs(e.g.) as per possession given to the customers and agreement to sale. and

The amount of deposit it has from customers including advance against booking in Bank Account is Rs.1.5 Crore...

In such case can i opt for 44AD as ny turnover is Rs.55 lakhs irrespective of amount received in bank towprds of booking??

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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23 November 2013 In my view, Gross receipts exceeds the prescribed limit and hence tax audit will be required as per Section 44AB (a). 44AD can not be opted.
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