Please Help: 44AD
Posted Date : 02-Jun-2011 , 07:10:50 am | Posted By casanjayjuneja
whether every traders having turnover over rs20.00 lacs is required to get its book audited if he desired to np below 8% as i interpretate the section 44AD
further whether the audit u/s 44AD will be covered under the overall limit prescribed for section 44AB i.e. 45
further whether the audit u/s 44AD will be covered under the overall limit prescribed for section 44AB i.e. 45
Category : Income Tax | Answers : 4 | Comments : 3 | Hits : 1249
Answers
Answer By: CA VIKAS JAIN
Please clarify more, 2nd part of your query.
Answer By: CA VIKAS JAIN
dear sanjay yes the audit required under sec 44AD 44AE, 44AF(now merge with 44AD), 44BB or 44BBB all are done in a manner as prescribed in sec 44AB. So the overall ceilling limit on CA of 45 tax audit in year will be applicable on these audit.
Answer By: CA VIKAS JAIN
however the audit done under sec 142(2A) when direction given by AO to assessee to get his a/c audited by a chartered accountant nominated by chief commissioner, that audit will not covered under the limit of 45 tax audit in a year.
Answer By: Vikash Kumar Jha
Yes
Comments
CA VIKAS JAIN
02-Jun-2011 , 11:34:45 amDear sanjay under sec 44AD if trader want to declare net profit below the 8% of gross receipt then he will required to get his a/c audited as according to sec 44AB. The turnover limit prescribed under sec 44AD is 60 lacs and it is same as given u/s 44AB. So the books of a/c Should be Audited under two situation: First= Turnover is exceeds from RS 60 lakh then Sec 44AD will not applicable and books of a/c is required to be audited u/s 44AB. Second= Turnover is 60 lakh or below and trader wants to declare the net profit below the 8% of turnover, Then according to sec 44AD books of a/c should be audited.
CA Rajnish
03-Jun-2011 , 04:28:12 amyes sure it will be under limit of 45.
casanjayjuneja
09-Jun-2011 , 12:28:07 amhello sir there are a overall limit of 45 tax audit by a practicing ca u/s 44ab i wana to say whether audit u/s 44ad will be included in this overall limti of 45 tax audit or it will be out of this ambit as audit u/s 44af was earlier out of this overall limit of 45