GOPAL AGGARWAL (DOING NOTHING) (1339 Points)
31 May 2011My net profit Is less than 8 percent as reuired by section 44AD. Wjether I need to gets the account audit or not. Even my income is less than the income which is not chargeable to tax. or chargeableto tax
And Total Income whether will be Net Income or Gross Total Income.
I am totally confused. Please suggest me
With Regards
Gopal Aggarwal
gopalaggarwal1 @ yahoo.com
9034550081
Himanshu
(Finance Controller)
(65 Points)
Replied 31 May 2011
If you are engaged in any business as covered under section 44AD of the Income Tax, than it is required to get your accounts audited if you are showing Total Income from business is less than 8%. If your are showing income at more than 8% than there is no need to get your accounts audited. For business income the personal limit is not to be considered. In other words if income @ 8% is less than your individual limit than the tax libility shall be nil but you will have to get yout accounts audited.
Jay Hind
Himanshu Mehta
CA ADITYA SHARMA
(CA IN PRACTICE )
(16719 Points)
Replied 31 May 2011
| Originally posted by : Himanshu | ||
 |
If you are engaged in any business as covered under section 44AD of the Income Tax, than it is required to get your accounts audited if you are showing Total Income from business is less than 8%. If your are showing income at more than 8% than there is no need to get your accounts audited. For business income the personal limit is not to be considered. In other words if income @ 8% is less than your individual limit than the tax libility shall be nil but you will have to get yout accounts audited. Jay Hind Himanshu Mehta |
 |
AGREED
25 Hours GST Scrutiny of Return and Notice Handling(With Recording)
Survey, Search and Seizure under Income Tax Act 1961
CAclubindia
