rajesh (Accountant) (583 Points)
28 March 2013
Dear Sir
In the FY - 2011 - 2012 I was doing a contract business and I am collected a Total Sum of Rs. 65,00,000/- out of which Contract Amount and Service tax is Rs. 58,93,019 and Rs. 6,06,981 respectively at this time I am Eligible for Opting Sec 44AD or my account compulsory Audited U/s 44AB because Contract amount + Service Tax is Crossed Tax Audit Thresh hold 58,93,019+6,06,981=65,00,000
Please tell
Its urgent
Thanking you
Sumit Grover
(Chartered Accountant )
(3652 Points)
Replied 28 March 2013
In my opinion, it should be eligible for 44AD, since the amount of service tax cannot be included in tunrover, since it is a statutory liability.....
Asif Khan
(Taxation executive)
(410 Points)
Replied 28 March 2013
CA Mahavir Shah
(Practicing Chartered Accountant)
(1130 Points)
Replied 28 March 2013
You need not require to get your accounts audited u/s 44AB.
That is you can avail benefit of Sec 44AD, subject to fulfillment of conditions of Sec44AD.
CAclubindia
