Audit

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CA Jitesh Gondaliya (Querist)
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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.

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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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.

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