Audit
This query is : Resolved
24 December 2013
An Individual having gross T/o Rs. 40 Lacs, And Profit of Rs. 2 Lacs, Whether he required to get Audit his books of accounts ?, However his books of accounts are maintained.
24 December 2013
Section 44AD(5) provides that if an assessee shows income less than 8% AND his income exceeds the maximum amount not chargeable to tax then he is required to maintain books of accounts and get them audited.
In this case, the individual is declaring an income of Rs. 2 lakhs which is less than 8% BUT his income DOES NOT exceed Rs. 2 lakhs.
Accordingly he is NOT required to get his accounts audited.
In this case, the individual is declaring an income of Rs. 2 lakhs which is less than 8% BUT his income DOES NOT exceed Rs. 2 lakhs.
Accordingly he is NOT required to get his accounts audited.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- STCG....................................................
- Sales return eway bill
- TAN for Partnership
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- STCG FOR GOLD ETFs
- Is E Way Bill Valid If Transport ID Not Mentioned in PART A But Vehicle details mentioned in PART B
- Tax liability on income of freelancer
- GST ON DAMAGED GOODS
- Loan by Partnership Firm
- Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- Nomination of Bank for refund in itr 2
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
