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Audi

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Querist : Anonymous

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Querist : Anonymous (Querist)
29 July 2013 dear sir, if any bussiness less than 8%of profit of gross recipt and turn ovre less than 1 crore then compulsory mantain book of a.c and get audit. suppose firm or propriotor is maintain book of a.c and show less then 8% profit of t.o . then compulsory audit (t.o 60lacks.)
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
12 August 2013 Section 44AD(5) read with Section 44AB that if an eligible assessee (turnover less than Rs. 1 crore) claims income less than 8% AND his total income exceeds the maximum amount not chargeable to tax then he is required to maintain books of accounts and also get his accounts audited.
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