Please Help: 44AD
Posted Date : 02-Jun-2011 , 07:10:50 am | Posted By: Casanjayjuneja
Category :
Income Tax | Answers :
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Comments :
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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 |
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Answers:
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 Answer by: CA VIKAS JAIN |
| Please clarify more, 2nd part of your query.
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| 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.
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| 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.
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| Answer by: Vikash Kumar Jha |
| Yes
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| Comments |
| Posted By : Casanjayjuneja |
09-Jun-2011, 12:28:07 |
| hello 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 |
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| Posted By : CA Rajnish |
03-Jun-2011, 04:28:12 |
| yes sure it will be under limit of 45. |
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| Posted By : CA VIKAS JAIN |
02-Jun-2011, 11:34:45 |
| Dear 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.
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