U/s 44ad

This query is : Resolved

Munaf (Querist)
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24 November 2014 VERY URGENT VERY URGENT

Dear Experts

Please advice for below quary,

In building construction work, construction during the year is below 1 crore ( 92 lack) it is mention in closing stock (work in progress), and during the same year 3 shope sales, profit on shope sales is 9.5% can I filed my return u/s 44AD or liable for audit?

PLEASE FAST REPLY ME, BECAUSE DUE DATE OF AUDIT IS 30/11/2014

shivaji prasad bhimavarapu

shivaji prasad bhimavarapu (Expert)
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24 November 2014 yes. Sec 44 AD can be opted for the sales if the total sales are below Rs.100 lakhs.Though the Act says 8% as deemed , IT department authorities at some jurisdictions demand to declare 12.5% proift minimum for construction contracts. So you may choose your option.