Please Help: SEC.44 AD
Posted Date : 20-Jan-2015 , 02:09:55 pm | Posted By KARAN MAHENDRU
Suppose partnership firm is suffering the losses,whether such firm is liable to tax audit as prov. of sec.44AD.
Category : Income Tax | Answers : 0 | Comments : 2 | Hits : 147
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Sushil Gupta
21-Jan-2015 , 05:30:54 pmSection 44AD is applicable on an assessee whose total turnover or total receipts in the previous year does not exceed an amount of Rs.1 Crore. It should be noted that a sum equal to 8% of the total turnover or gross receipts of the assessee in the previous year shall be deemed to be the profits and gains of the business profession. Further, if an assessee shows an income below the presumptive rate i.e. 8% and whose total income exceed the maximum amount which is not chargeable to income tax, he shall be required to follow both the sections i.e. 44AA and 44AB
m r gopal
21-Jan-2015 , 10:06:33 pmyes sir, he has to comply both 44aa and 44ab