My Trading Turnover is Below 60 Lakh and Net Profit is also Below 8% Now is it posible to file audit U/s 44AB and what is the last date for return file
Lakshmisha. B. S (assisstant) (92 Points)
11 November 2011My Trading Turnover is Below 60 Lakh and Net Profit is also Below 8% Now is it posible to file audit U/s 44AB and what is the last date for return file
CS RAJESH C.CHOUDHARY
(ASSISTANT MANAGER)
(14607 Points)
Replied 11 November 2011
Your Turnover is below 60 lakhs then section 44 AB is not applicable to you, but since you have mentioned that your profit is below 8 % and you don't want to declared income as presemptive income then you have to get your accounts audited by 30th September.
Deepak Gupta
(CA Student)
(15922 Points)
Replied 12 November 2011
| Originally posted by : RAJESH CHOUDHARY | ||
 |
Your Turnover is below 60 lakhs then section 44 AB is not applicable to you, but since you have mentioned that your profit is below 8 % and you don't want to declared income as presemptive income then you have to get your accounts audited by 30th September. |
 |
Reply by Rajesh ji is correct. Now, continuing with what he has said;
(Assuming you are asking for year ended 31.03.2011)
Many CA's do sign back dated audit reports and file the return by paying the applicable interest amount. Though it is not correct, but this is happening in abundance. This is a long debatable topic.
See if you can manage to get a back dated audit report or else declare 8% income.
Master GSTR-9 and 9C with India's First Unique Live Course with Live practical training
CAclubindia
