IS AUDIT DONE U/S 44AD TO SHOW PROFIT LESS THAN 8% TAKEN FOR COUNTING THE LIMIT OF TAX AUDIT PER AUDITOR WHICH AT PRESENT IS 45 . PLZ REPLY ON URGENT BASIS
CA SONIYA AGARWAL (self practice) (3005 Points)
10 December 2014IS AUDIT DONE U/S 44AD TO SHOW PROFIT LESS THAN 8% TAKEN FOR COUNTING THE LIMIT OF TAX AUDIT PER AUDITOR WHICH AT PRESENT IS 45 . PLZ REPLY ON URGENT BASIS
AMIT
(bus)
(444 Points)
Replied 10 December 2014
Hi there,
Tax Audit under 44AB is done when assessee show NP of Less than 8% or If his Turnover exceeds Rs. 1 crore.
No Audit is done under Section 44AD
CA RAHUL AGRAWAL
(Assistant Manager-Service Tax)
(1733 Points)
Replied 10 December 2014
Yes it is counted and presesntly the limit has been increased to 60 by ICAI.
For Reference:- Section 44AB(d)
CA Satyakam
(Chartered Accountant)
(80 Points)
Replied 10 December 2014
Arif Ali
(Apt Co Advisory)
(1230 Points)
Replied 10 December 2014
Basically audit is done under section 44AB(d) here. so it will be counted in limit of 60.
Rajagopalakrishnan R
(PARTNER)
(1422 Points)
Replied 10 December 2014
The Council of ICAI has clarified that for counting the limit of 45 (now 60) audit under 44AB r/w 44AD will NOT be considered.
CA abhishek jain
(accounting auditing and taxation)
(33 Points)
Replied 10 December 2014
CA Ronak Garodia
(Qualified Chartered Accountant)
(125 Points)
Replied 10 December 2014
Note that limit has been increased from 45 to 60 and the said limit will be effective for the audits conducted during the financial year 2014-15 and onwards.
Also, audits conducted under Section 44AD, 44AE and 44AF of the Income Tax Act, 1961 shall not be taken into account for the purpose of reckoning the “specified number of tax audit assignments”.
Deepak Kumar Sancheti
(CA)
(124 Points)
Replied 11 December 2014
CA Ashish BHardwaj
(Proprietor)
(31 Points)
Replied 11 December 2014
abhishek keshri
(self employed)
(22 Points)
Replied 11 December 2014
CA Dinesh Shah
(Senior Personnel)
(203 Points)
Replied 11 December 2014
CA Ashish BHardwaj
(Proprietor)
(31 Points)
Replied 11 December 2014