Section 44ad
This query is : Open
13 September 2014
I have an one propritorship and its annual turnover is Rs. 60,00,000 and my profit is below basic exemption limit.So I am not liable to pay tax. Can I liable for audit under section 44AD.
13 September 2014
No audit required if your profit not exceeds basic exemption limit
14 September 2014
Sec 44 AD applies only where the turnover is less than 1 crore. In that case simply assume 8% as total income and file return. If you want to show profit less than 8% then you have to get tax audit done.
14 September 2014
If the offered income is less than basic exemption limit no tax audit is required.
05 December 2015
in this case my profit also below limit of sec.44ad. i. e. below 8% and I am not liable to pay tax. now I required for audit..
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