Section 44ad v/s 44ab

This query is : Resolved

Sanjay Diwakar (Querist)
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21 January 2014 hi,

kindly clarify..

If the assesse is argues that his presumptive income is less than 8%, then his accounts need be certified under 44AB..???
evan if his turnover is less than 1 Core, still he need tax audit u/s 44AB..???

Suggest pls

Kailash Mehta

Kailash Mehta (Expert)
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21 January 2014 Yes, even if turnover is less than 1 cr., tax audit is required u/s 44 ab to show profit less than 8%

AVTAR SINGH

AVTAR SINGH (Expert)
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21 January 2014 If the turnover is more than 1 crore, the tax audit is must u/s 44AB.
If the turnover is not more than 1 crore, the tax audit is compulsory only if the net profit is less than 8%.

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