Rule – 6F, Books of account and other documents to be kept and maintained under section 44AA(3) by persons carrying on certain professions
March 13, 2018Rule – 6GA, Form of report of audit to be furnished under sub-section (2) of section 44DA
March 14, 2018
6G. (1) The report of audit of the accounts of a person required to be furnished under section 44AB1 shall,—
(a) in the case of a person who carries on business or profession and who is required by or under any other law to get his accounts audited, be in Form No. 3CA;
(b) in the case of a person who carries on business or profession, but not being a person referred to in clause (a), be in Form No. 3CB.
(2) The particulars which are required to be furnished under section 44AB shall be in Form No. 3CD.
Reference: www.incometaxindia.gov.in
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2 Comments
hi sir i am running thermocol manufacturing industry as proprietor.my total sales 47,00,000/- proviously filled U/S 44AB, Previous Year Tournover 66,00,000/- Can File Under presumtive Basis for this year ITR-4 And profit For this Year And last Year Also Less Than 8% profit
The provision of section 44AD is applicable if the following conditions are satisfied:
1. The assesse is resident in India who is an Individual or a HUF or a Partnership Firm (not LLP).
2. The assesse is not claiming any deduction under section 10A, 10AA, 10B, 10BA, 80HH to 80RRB.
3. The assesse should be engaged in any business other than –
– a person carrying on profession specified in section 44AA;
– a person earning income in the nature of commission or brokerage;
– a person carrying on any agency business; or
– a person who is in the business of plying, hiring or leasing goods carriages.
4. Total turnover or gross receipt of the business does not exceed Rs. 2 crore in the previous year.
Note: If the above conditions are satisfied then Income from the business is deemed as 8% of turnover in case of receipt in cash and 6% of turnover in case of receipt through specified banking modes. Taxpayer can voluntary declare higher income in his ITR.
As per the information available your turnover for previous year is within the specified limit and if your net profit also is equal to or more than the % specified in the above Note then you are eligible to opt section 44AD and can file applicable ITR.