thnks sir for ur analysis and sharing this info with us.
SECTION 44AD- DRAFTING BLUNDER OR INTENTION
Page no : 2
gopal asati
(PRACTICING CA)
(36 Points)
Replied 15 July 2009
In my opinion in place of the word AND, the word " OR " should be replaced. Thanks for analysis & Information
CA Kingsley
(Audit Manager)
(470 Points)
Replied 16 July 2009
Sir,
Prior to amendment, if assessee claims profit less than 8%, he should get his accounts audited irrespective of the taxable income. But now the tax audit is necessary only if the profit is less than 8% and in addition to that, he should exceed the basic exemption limit. I think the govt is fair enough in imposing such a rule. Why should assessee be troubled by tax audit when there is no obligation for him to pay taxes or file return of income?. Please tell me if I am wrong. I am still a student and willing to learn.
subesh agrawal
(professionl)
(251 Points)
Replied 18 July 2009
after this interpitation it is tipical mattter for assesse. in both cases he loose.
Jiten M. Trivedi
(Article Assistant)
(56 Points)
Replied 19 July 2009
Yes Sir i completely agree with you .. What i feel is the words "AND" Should be replaced by the word "OR". BEcause when i attended a seminar on the Budget Analysis andthe interpretation given by one of th leading practioners in my city, he interpreted "AND" as if it meant "OR".
So please clarify what are your observations regarding the same...
Recent Topics
- Form 3CEAB
- Form 3CEAA and Form 3CEAB
- DIR 3 Web KYC
- Can i declare LTCG income as business income if I
- Stock entry in new software
- I have an EMI collection shop, what is its SAC cod
- Making payment once in quarter possible under QRMP
- Master File Documentation related
- Applicability of 44AD needs clarification
- ITC reversal in GST 3B
Related Threads
CAclubindia
