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Sec 44ad (Income Tax)

This query is : Resolved

Raman Goel

( Author )
07 August 2012

Is SEC 44AD (profit and gains of business on presumptive basis)mandatory for assessee whose turnover does not exceed Rs 60 lakh or it optional ?

In normal case if assessee having gross receipts or turnover less than Rs 60 lakh and does not maintain his profit equal to or above 8%. Is it compulsory for that assessee to conduct tax audit .

Naresh Kansala

( Expert )
08 August 2012

If person claim profit less than 8% of gross receipt then audit compulsory and have to maintain books but if he claim 8% or more then no need to get audited but receipts should be less then Rs. 60 lac