Aa 44AD, Sec 44ADA applicablity
Sumit Shukla (378 Points)
24 December 2020
Do this section get automatically applicable if net profit is less than 6% 8% 50% as the case may be
6 Replies
Sumit Shukla
(378 Points)
Replied 24 December 2020
I mean do we require to audit if the final income considered is less than the prescribed percentage i.e. 6 or 8 percentage
RAJSHREE MUNDRA
(CA)
(56 Points)
Replied 24 December 2020
Yes, if you claim profit less than the deemed profit and your income exceeds maximum amount which is not chargeable to tax, you are required to get your accounts audited
ayusmita
(Tax consultant)
(5885 Points)
Replied 26 December 2020
No it is not automatically applicable
and after amendment it is restricted only to the cases where sub section 4 of section 44 AD is applicable
and after amendment it is restricted only to the cases where sub section 4 of section 44 AD is applicable
Sumit Shukla
(378 Points)
Replied 26 December 2020
Sorry I mean will sec 44AB get automatically applicable if the final income is less than 6 or 8 percentage as prescribed
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