01 October 2013
my clients are doing bisiness and business gross turnover is less than 1 crore and fulfill all condition of u/s 44ad of incometax and net profit is more than 8% and filling retun u/s 44ad as no books of accounts maintained as per it.but he maintained books for other law like vat servicetax and banking the profit shown in otherlaw book same as taken in it return it means more than 8% can it department take any objection due to book prepare for other law and refuse to grant benifit of section 44ad what are the provision of law kindly guide me
01 October 2013
If your client has profit more than 8% of turnover, then he can not take benefit of Section 44AD and he needs to pay tax on actual profits.
CAclubindia
