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Section 44ad
Which are the business can utilise the benefit under Section 44AD...?
A contractor,other than civil construction contractor can use sec.44AD.?
if an asseessee can adopt normal filing irrespective of his previous filing.? (ie. in last year he filed as per 44AD, but in this year his return is less than 8% of turnover so planned to file as per normal procedure by maintaining books of accounts with out auditing since limit not exceeding Rs 60 lakh.)
Replies (5)
Provisions of Sec 44AD require Auditor`s Report. Here TO is less than the prescribed percentage. So you are right.
ie., Audit is required u/s 44AD. Sec 44AB is not applicable
As per 44AD not required to maintaining books of accounts. So how auditing is possible...?
If not audited, you have to declare prescribed percentate of TO as profit.
IF it is 8% or above, no need to maintain books & Audit. If you are declaring income below 8%, you need to maintain books and get it audited
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