Audit
This query is : Resolved
26 September 2013
dear sir
Mr.X have doing business of traveling and following information is furnished in AS 2012-13.
Turn over 51 lacs
net profit Rs.76000
is he liable to audit and maintain books
according to sec 44AD if net income is not exceed to slab than it does not rerquired to audit is it true?
thanks
Mr.X have doing business of traveling and following information is furnished in AS 2012-13.
Turn over 51 lacs
net profit Rs.76000
is he liable to audit and maintain books
according to sec 44AD if net income is not exceed to slab than it does not rerquired to audit is it true?
thanks
30 September 2013
You are right in interpreting section 44AD. In this case, audit won't apply. However, you need be very careful in such situations.
If during scrutiny, it is found that taxable income was higher than as disclosed by the assessee, it would lead to penalties.
If during scrutiny, it is found that taxable income was higher than as disclosed by the assessee, it would lead to penalties.
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