SECTION 44AD OF INCOME TAX ACT
This query is : Resolved
05 December 2010
A PROP.FIRM CARRYING ON BUSINESS OF WHOLESALE TRADING OF GARMENTS IS COVERED THIS SECTION.
IS IT COMPULSORY TO SHOW INCOME ON PRESUMPTIVE BASIS @ 8% ON GROSS RECEIPTS.
IF PROFIT IS SHOWN BELOW @8% WOULD THAT MEANS
THE PROP. FIRM NEEDS TO GET ITS BOOKS AUDITED?
IS IT COMPULSORY TO SHOW INCOME ON PRESUMPTIVE BASIS @ 8% ON GROSS RECEIPTS.
IF PROFIT IS SHOWN BELOW @8% WOULD THAT MEANS
THE PROP. FIRM NEEDS TO GET ITS BOOKS AUDITED?
05 December 2010
A PROP.FIRM CARRYING ON BUSINESS OF WHOLESALE TRADING OF GARMENTS IS COVERED by new Section 44AD w.e.f AY 2011-12 IF TURNOVER DOES NOT EXCEEDS Rs 60 LACS. IT IS COMPULSORY TO SHOW INCOME ON PRESUMPTIVE BASIS @ 8% ON GROSS RECEIPTS.
IF PROFIT IS SHOWN BELOW @8% THAT MEANS
THE PROP. FIRM NEEDS TO GET ITS BOOKS AUDITED.
TURNOVER LIMIT FOR TAX AUDIT IS 60.00LACS.
IF PROFIT IS SHOWN BELOW @8% THAT MEANS
THE PROP. FIRM NEEDS TO GET ITS BOOKS AUDITED.
TURNOVER LIMIT FOR TAX AUDIT IS 60.00LACS.
06 December 2010
right..
below 60 Lacs turnover, if less than 8% income is returned, then audit is required.
below 60 Lacs turnover, if less than 8% income is returned, then audit is required.
14 January 2011
w.e.f next year whether it will be appliacle to all biz instead of retail only....
14 January 2011
Yes, It will be applicable for eligible assessee carrying on eligible business.
Eligible Assessee:
*
Resident-* Individual, HUF, Firms,
......
who are not claiming deduction u/s 10A,10AA,10B,10BA, Chapter VIA heading C -
Deduction in respect of Certain Income like 80H TO 80RRB.
***
Eligible Business:
1. Any business except the business of plying , hiring, or leasing goods carriers (44AE)
2. Turnover does not exceed Rs. 60.00 lac
Eligible Assessee:
*
Resident-* Individual, HUF, Firms,
......
who are not claiming deduction u/s 10A,10AA,10B,10BA, Chapter VIA heading C -
Deduction in respect of Certain Income like 80H TO 80RRB.
***
Eligible Business:
1. Any business except the business of plying , hiring, or leasing goods carriers (44AE)
2. Turnover does not exceed Rs. 60.00 lac
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