Sec 44ab ,44ae

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Garre susmitha (Querist)
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24 July 2012 Respected sir,

if the turnover is 59 lakhs, and his profit is less than 8% of turnover or gross receipts and also his income is less than ceiling limit. Then is it necessary to maintain books of accounts under section 44AA & get them audited under section 44AB?

CA Amit Jaiswal

CA Amit Jaiswal (Expert)
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24 July 2012 Section 44AE is for Transporters.

If you want to claim the income below the presumptive amount, then you will have to get the audit done u/s 44AB.

Also in case of section 44AD, if you want to claim the income to be less than 8%, you are required to get the books audited.

Garre susmitha

Garre susmitha (Querist)
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24 July 2012 thanking u sir