44ad subsection (5)

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shashi (Querist)
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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).

Nikhil Kaushik

Nikhil Kaushik (Expert)
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25 August 2014 a bare reading the section suggest that audit is not required. but Income-tax department do often send notice for audit

shashi

shashi (Querist)
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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.

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