As per the recent Report No 32 of 2014 (Performance Audit) of CAG, 22 chartered accountants have done more than 400 tax audits for assessment year 2013-2014 instead of the present limit of 45 tax audits. Out of the list one chartered accountant has done 2471 tax audits for the assessment year 2013-2014. To maintain quality of tax audit conducted by chartered accountants, … [Read more...] about 22 chartered accountants have issued more than 400 tax audit report for AY 2013-2014
44AB
Section 44AD – Presumptive basis of calculating business profit
Section 44AD has been inserted with effect from assessment year 2011-2012 into Income Tax Act . Any one fulfilling conditions that are laid down in section 44AD can calculate their business profit as 8% of the gross receipt or turnover. Who are eligible to take benefit of Section 44AD As specified in section 44AD of IT act, following persons will be eligible to calculate … [Read more...] about Section 44AD – Presumptive basis of calculating business profit