My client's income is Rs. 30 lacs and declare a profit of Rs. 2 lacs(ie below 8%) through a P&L and B/S.Is it liable to audit u/s 44AB.?
YES liable to audit u/s 44AB
YES HE IS LIABLE FOR AUDIT
Only 1 lacs CA in practice in india so they can only sign 45 lacs Audit only ,How can we manage this?????
Yes He is liable because he is showing income less then the rate decided U/s 44AD
YES HE IS LIABLE FOR NAUDIT
If the total turnover of assessee is below Rs.60 Lacs and total income is also below 8%, in such case assessee is req. to get his books of accounts audited under 44AD. But in my opinion if assessee directly pay tax on 8% of his income which is Rs. 2.40 Lacs in your case in such case he is not req. to get his books of accounts audited.
Regards,
Bhavik
Agree with Bhavik.
when the assessee's turnover is less than rs.60 lacs and also he declares his income by way of presumptive tax at less than 8% than he has to get prepared his books of accounts and also audited u/s-44AB
contiue to my previous answer, otherwise the assess has to pay tax by actual calculation instead of calculating by way of presumptive rate of tax
contiue to my previous answer, otherwise the assess has to pay tax by actual calculation instead of calculating by way of presumptive rate of tax and you are wrongly using the word income for the total turnover, actually it is not an income it is only total turnover.
| Originally posted by : Shafaf | ||
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Only 1 lacs CA in practice in india so they can only sign 45 lacs Audit only ,How can we manage this????? |
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the limit is for the LTD. companies only . and if its 1 lac than its 20 lacs.
Respected Mr Sharaf.
More than 1 year back , I had posted an Power Point Presentation in CACLUB regarding Sec 44AB , The article was prepared from reliable sources and as a result of it , till date , it has been downloaded by members of caclub - 300 times and awarded 5 star ***** rank . So , you may consult with the article.
Yes, very correct, Agree with Bhavik, should be dectared income @ 8%.
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