22 September 2013
one of my clients turnover is Rs.6500000/- but hi is getting his accounts audited as he does not want to declare 8% net profit. so in this case whether tax audit will apply on him or not.
22 September 2013
In case assessee claims that he has earned income lower than specified percentage and such income is more than maximum amount not chargeable to tax, Ss. 44AD(5) and 44AA(2)(iv), mandates him to maintain books of accounts and other documents as specified u/s 44AA, get them audited from the accountant and furnish report as required u/s 44AB.
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