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 … Read More » "22 chartered accountants have issued more than 400 tax audit report for AY 2013-2014"
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 … Read More » "Section 44AD – Presumptive basis of calculating business profit"