04 March 2014
If an individual has a business t/o of 40lac and if he shows a profit of 2,50,000 which is less than 8% of T/O than does he fall u/s 44AB ???
04 March 2014
companies are anyways not covered under 44AD. if they cross turnover as prescribed under 44AB, audit is compulsory, other audit is not required. The percentage of profit plays no role in it.
04 March 2014
well for an individual who is covered under 44AD, if the income is less than exempted limit, then tax audit wont apply. (because 44AB(d) applies where income is in excess of exempted limit.
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