If a builder declares income u/s 44AD then whether the advance received from the customers during the construction period shall be treated as gross receipt for charging tax @ 8% or the tax shall be charged when the possession of the flat / duplex is given to the customer?
Section 44 AD
Page no : 2
@*CS Siddharth Bumb. *
(B.Com, CA Final, CS )
(5270 Points)
Replied 18 June 2011
tax audit is not mandetory...
Sumiti Jain
(FP)
(1364 Points)
Replied 18 June 2011
| Originally posted by : future ca | ||
 |
nett profit more than 8% and sale is less than 60 lakh than 44ab not applicable |
 |
Rup Kumar
(finance manager)
(288 Points)
Replied 20 June 2011
For showing income more than 8% the audit is not mandatory in this case.
Anshul
(.)
(375 Points)
Replied 20 June 2011
SEC.44AD-----PRESUMPTIVE TAXATION
In the case of assessee, being an individual , HUF or a firm other than LLP carrying on any business except the business of plying , hiring or leasing goods carriages referred in sec. 44AE and whose gross recipts from such business does not exceed Rs. 60 Lakhs,a sum equal to 8% of the gross recipts paid or payable to the assessee or such higher sum as declared by the assesse in the return of income shall be deemed to be the income from such business......
so provisions of sec.44AD does not applies to your business......
Shafaf
(Chartered Accountant)
(193 Points)
Replied 20 June 2011
Thanx my dear friends for your valuable opinions.
archana..
(CS, CA Final)
(48 Points)
Replied 22 June 2011
abhisek sir thank you for your valuable informaions..
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