44ADor 44AE which section apply
Page no : 2
Yash Chawda
(300 Points)
Replied 05 January 2018
my actual turn over was 3crore
audit was liable or not (if i opt sec 44ae) ??
audit was liable or not (if i does not opt 44ae) ???
RAMAKRISHNAN R
(INCOME TAX OFFICER)
(1736 Points)
Replied 05 January 2018
audit liable if you not opt 44AE
Rahul Prajapati
(Student)
(2282 Points)
Replied 08 January 2018
AS PER SEC 44AE, IF YOU OWNS NOT MORE THAN 10 GOODS CARRIAGE THEN YOU CAN OPT FOR PRESUMPTIVE TAXATION UNDER SEC 44AE.
IN YOUR CASE YOU HAVE OWNS 12 TRUCKS, YOU CANT OPT FOR THAT
NORMAL PROVISIONS OF IT ACT WILL APPLY.
MURALIDOSS
(INCOME TAX PRACTITIONER)
(1329 Points)
Replied 10 January 2018
Sir,
A person owned business1 -turnover 80 lakhs,
having 3 cars for rentall income - 120000//-
Also having Agriculture income- 1 lakh.
If his Net profit 8% for total (includes above 3 iincomes) is ccrrect or 80 lakhs only?
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