Pls friends any know ans..
give replay
the above section
in section 44ab for with 1crore. rupees
and
in section 44ad for with 2 crores
for eg :
1. if person have a business of turnover of 50 lacks. he comes under 44ab and 44ad (if any)
2.if person who have a turnover 1.5 crores.
my dobut is he will turnover exceeds 1crore. then he will come under 44ab
but why the section 44ad will use.???
is sec 44ad is applicable or Not
applicable???
awaiting response friends...
For Eligible Businesses, IT section 44AD allows income of any assessee to be assessed on presumptive basis, even if it exceeds 1 Cr. but does not exceed 2 Crs., provided other conditions of the section are satisfied.
So, the assessee can get relief from tax audit.
But if assessee do not wish to opt for section 44AD...... then section 44AB applies and accounts are required to be audited even if the TO exceeds 1 Cr.
CAclubindia
