Easy Office
LCI Learning

Section 44AD & section 44AB

This query is : Resolved 
Avatar

Querist : Anonymous

Profile Image
Querist : Anonymous (Querist)
09 June 2011 If an individual whose income is less than the basic exemption limit is carrying an eligible business as mentioned in section 44AD and his profit is less than 8% of turnover. Whether he is liable for tax audit?
Profile Image

CA PARAS BAFNA

Profile Image

CA PARAS BAFNA (Expert)
09 June 2011 In case turnover is less than 60lac and profit is less than 8% of turnover, he is liable to get his accounts audited U/s 44AB.
However, TDS provisions will still be not applicable to him in the next financial year as his turnover is below the tax audit limit.
Profile Image

CA Rajendra Purohit

Profile Image

CA Rajendra Purohit (Expert)
18 June 2011 Agree with Expert.
Upgrade to CAclubindia Pro. Subscribe Now!


You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

CAclubindia's WhatsApp Groups Link


Similar Resolved Queries


loading


Unanswered Queries


CCI Pro
Live Budget News and Updates

Trending Online Classes

view all classess
Let's Talk Money: You've Worked Hard for It, Now Make It Work for You
Click here for more bestsellers


Answer Query



Quick Links