A company is having turnover of Ts 59,00,000/-. Net profit declared as per book is 250000 which is less than 8% of turnover . Is sec 44AD applicable for AY 2011-12 and tax audit to be done?
Sivaraman A R (.) (1040 Points)
27 May 2011A company is having turnover of Ts 59,00,000/-. Net profit declared as per book is 250000 which is less than 8% of turnover . Is sec 44AD applicable for AY 2011-12 and tax audit to be done?
anoop bhatia
(CHARTERED ACCOUNTANT)
(144 Points)
Replied 27 May 2011
Originally posted by : siva | ||
A company is having turnover of Ts 59,00,000/-. Net profit declared as per book is 250000 which is less than 8% of turnover . Is sec 44AD applicable for AY 2011-12 and tax audit to be done? |
Sec 44AD is applicable only for resident Individuals, HUF's and Firm(Not LLP)
Sec 44AD is not applicable on Companies.
Further, Companies have to get their account audited under companies act.
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)