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Query on Section 44AD
sir, let me know about the section 44ad with 44ab. whether it is right that if my receipts is 80lac and i am showing 1.5 lac as income which is 1.8 % of turnover (appxx) which is not equal to limit prescribed by sec 44AD . hence the taxable income is below exemption limit.then i am not liable to tax audit u/s 44ab even after i am showing taxable income below 44AD rate???

By: AJAY PARASHAR

Hi Ajay,

You will be liable to get your accounts audited if your are showing income less that 8% of Sale, even if it is below the exemption limit.

Thanks
Badal



By: MJ

but if we read section 44ab, there we are not liable to tax audit if our income is below taxable limit.by reading section 44AD with 44AB then i comes to understand it like there z no requirement of tax audit in above case. even In VG sir's current batch vg sir also told the same as i.e assessee is not liable in above case. but in general pr

By: AJAY SHARMA

Hi Ajay,

44AB is a general section and 44AD is a specific section. And there is settled law that in case of conflict between general section and specific section, Specific Section shall always prevail. That is why Audit is mandatory in this case. And if we will go as per your understanding then no Assessee would ever show profit more than Rs.200000.



By: MJ



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20 Apr

☑ Monthly | GSTR-3B

GSTR-3B for the m/o Mar 2024 (Monthly Taxpayer - Rule 61) - Either Compulsory taxpayer > 5 cr. or Voluntary taxpayer < 5 cr.

☑ Monthly | GSTR-5A

GSTR-5A for the m/o Mar 2024 [Return by OIDAR Service Providers - Rule 64.]

22 Apr

☑ Quarterly | GSTR-3B

GSTR-3B for the Quarter Jan - Mar 2024 (QRMP Taxpayer < 5 Cr - Rule 61) - Category I States.

* State Category I - Chhattisgarh, Madhya Pradesh, Gujarat, Maharashtra, Karnataka, Goa, Kerala, Tamil Nadu, Telangana or Andhra Pradesh or the Union territories of Daman and Diu and Dadra and Nagar Haveli, Puducherry, Andaman and Nicobar Islands and Lakshadweep.

24 Apr

☑ Quarterly | GSTR-3B

GSTR-3B for the Quarter Jan - Mar 2024 (QRMP Taxpayers < 5 Cr - Rule 61) - Category II States.

* State Category II - Himachal Pradesh, Punjab, Uttarakhand, Haryana, Rajasthan, Uttar Pradesh, Bihar, Sikkim, Arunachal Pradesh, Nagaland, Manipur, Mizoram, Tripura, Meghalaya, Assam, West Bengal, Jharkhand or Odisha or the Union territories of Jammu and Kashmir, Ladakh, Chandigarh and Delhi.

25 Apr

☑ Half-Yearly | ITC-04

ITC-04 for the half year (Oct - Mar 2024) (For taxpayers > 5 Cr. Turnover) - Rule 45.

☑ Annual | ITC-04

ITC-04 for the FY 2023-24 (For taxpayers upto 5 Cr. Turnover) - Rule 45.

28 Apr

☑ Monthly | GSTR-11

GSTR-11 for the m/o Mar 2024 (Statement of inward supplies by persons having Unique Identification Number (UIN)).

30 Apr

☑ Annual | GSTR-4

GSTR-4 (Annual Return) for FY 2023-24 by Composite Taxpayer (Rule 62).

☑ Quarterly | QRMP

Last date for opt-in / opt-out QRMP Scheme for quarter Apr - June 2024 (Rule 61A)