Go Ad-Free on CAclubindia with Daily Mobile Updates. Subscribe Now!

Section 44ad

Sumit Agarwal (Article Assistant (CA-Final)) (393 Points)

13 March 2013

One of my client is having annual income 3lac and he is not maintaining any books.can i file his return u/s 44ad but he is not having turnover of more than 10lacs

Reply
Follow
Share

5 Replies

shikhar (LEARNER ) (1394 Points)
Replied 13 March 2013

yes u can file return u/s 44ad but u hv to show atleast 8% profit of the turn over.....NO NEED OF AUDIT IF TURN OVER IS BELOW is 60 LAKH

THANKS

SHIKHAR.

Upgrade to CAclubindia Pro. Subscribe Now!

Sumit Agarwal (Article Assistant (CA-Final)) (393 Points)
Replied 13 March 2013

But actual turnover is 9 lac something.

(Guest)

Yes you are free to adopt section 44ad and show 8% income

VIKAS.A (SOMETHING IS BETTER THAN NOTHING) (1095 Points)
Replied 13 March 2013

Originally posted by : shikhar
	yes u can file return u/s 44ad but u hv to show atleast 8% profit of the turn over.....NO NEED OF AUDIT IF TURN OVER IS BELOW is 60 LAKH THANKS VIKAS

Akshay Chitragar (Sr.Accountant) (29 Points)
Replied 14 March 2013

As per my view there are many factors i.e 1. Job work is considered upto 10lacs. 2. when you take job works from registred big companies they have there own rules i.e when it cross Rs. 30000/- per job work they deduct TDS u.s 194 C 3. however now it has became 1 crore for audit of the firm below 1 crore there is no audit but you have to show 8% or more profit. & as you told turn over is around 9 lacs you have to pay service tax @ 12.36% *( current rate ) if you giving service to others ( means job works ) Please comment if i wrong or write in this subject.