44ad subsection (5)
This query is : Open
24 August 2014
Individual resident having gross turnover of 50 lac and a profit of 1 lac only. I;e 2%. Lower than basic exemption.
Is he required to get his books audited????
Kindly explan with reference of sec 44AD(5).
Is he required to get his books audited????
Kindly explan with reference of sec 44AD(5).
Nikhil Kaushik
(Expert)
25 August 2014
a bare reading the section suggest that audit is not required. but Income-tax department do often send notice for audit
25 August 2014
Kindly suggest what should be done as being a professional. On one hand person earning upto basic exemption is outside the purview of tax and on other hand person earning less than basic livelihood is compel to face the expenses of accounts preparation and audit expenses.
Kindly suggest yours expert view to counter the department.
Kindly suggest yours expert view to counter the department.
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