amendmend relating to SEC 44AB?
please suggest is there a change that instead of 40 lac its changed to 60 lacs??
CA Pallav Singhania (IT System Auditor) (33262 Points)
12 September 2011amendmend relating to SEC 44AB?
please suggest is there a change that instead of 40 lac its changed to 60 lacs??
Annu.R
(CA,CS,B.Com)
(2788 Points)
Replied 12 September 2011
14. In section 44AB of the Income-tax Act, with effect from the 1st day of April, 2011,—
(a) in clause (a), for the words “forty lakh rupees”, the words “sixty lakh rupees” shall be substituted;
(b) in clause (b), for the words “ten lakh rupees”, the words “fifteen lakh rupees” shall be substituted.
15. In section 44AD of the Income-tax Act [as amended by section 20 of the Finance (No. 2) Act, 2009], in the Explanation, in clause (b), in sub-clause (ii), for the words “forty lakh rupees”, the words “sixty lakh rupees” shall be substituted with effect from the 1st day of April, 2011.
50. In section 271B of the Income-tax Act, for the words “one hundred thousand rupees”, the words “one hundred fifty thousand rupees” shall be substituted with effect from the 1st day of April, 2011.
* Krishna *
(CA Student)
(6149 Points)
Replied 12 September 2011
Amendments are as follows:
In case of business, the threshold limit is increased from Rs 40 lacs to Ts 60 lacs
In case of profession, the threshold limit is increased from Rs 10 lacs to Rs 15 lacs
CA Pallav Singhania
(IT System Auditor)
(33262 Points)
Replied 12 September 2011
but sir if the turnover is not exceeding 60 lacs but the profit exceed 8 % then form ITR 4 is compulsory????
Annu.R
(CA,CS,B.Com)
(2788 Points)
Replied 12 September 2011
As per section 44AF, if turnover in a retail business is less than Rs.40 lakhs and income disclosed is 5% or more of gross receipts, then maintenance of books u/s 44AA is not compulsory. Thus, in case of retail business if turnover is Rs. 35 lakhs and income disclosed is 8%, then there is no requirement of maintaining the books of account as per the provisions of section 44AA.
It should be noted that from assessment year 2011-12, new section 44AD is applicable in case of all businesses, and hence from assessment year 2011-12, section 44AF will be inoperative. Following is an overview of new section 44AD :
CA Pallav Singhania
(IT System Auditor)
(33262 Points)
Replied 12 September 2011
Annu ji......
great work done by you....
resolving my all poblems....
Annu.R
(CA,CS,B.Com)
(2788 Points)
Replied 12 September 2011
Too icon ke upar thanks dene ka haq bhi too banta he.......... hahaha
CA Pallav Singhania
(IT System Auditor)
(33262 Points)
Replied 12 September 2011
ha ha ha..............great one......
so U R A CS>>>
then pls suggest me......
CA ke sath CS karna koi logic banta hai....ki degree ke liye??
Annu.R
(CA,CS,B.Com)
(2788 Points)
Replied 13 September 2011
iske baad LLB ka bhi vichaar he..........CA ke saath CS ka sabse aacha combination he oor easy bhi he
dono courses ka 70% ek jaisa he.........oor CS...LLB ka 29% cover karta he.
Karan Teli
(Life Is just an Illusion...!!)
(4573 Points)
Replied 13 September 2011
hey friend pls check out this link -
This will be most uselful to clear all ur queries..
Karan Teli
(Life Is just an Illusion...!!)
(4573 Points)
Replied 13 September 2011
@ annu - Yaar kitna padoge...?
Annu.R
(CA,CS,B.Com)
(2788 Points)
Replied 13 September 2011
Just 08 years more..........hahaha.....we wants to became a perfect CA.
Karan Teli
(Life Is just an Illusion...!!)
(4573 Points)
Replied 13 September 2011
Actually didnt get u...??
08 more means...
Annu.R
(CA,CS,B.Com)
(2788 Points)
Replied 13 September 2011
From this time......and 5 years after CA Final......
LLB,III and IIBF
CA ADITYA SHARMA
(CA IN PRACTICE )
(16719 Points)
Replied 13 September 2011
Originally posted by : annu.R | ||
iske baad LLB ka bhi vichaar he..........CA ke saath CS ka sabse aacha combination he oor easy bhi he dono courses ka 70% ek jaisa he.........oor CS...LLB ka 29% cover karta he. |