Audit for small busniess with turnover of <60lakh
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
17 May 2011
I am a retail trader my turnover for the financial year 2010-11 is Rs. 35 lacs but my income is rs. 245000/- (7%). whether my business is covered u/s 44AD or not?
Whether i am required to get my accounts audited. Please send all details.
Whether i am required to get my accounts audited. Please send all details.
CA Navin Jain
(Expert)
17 May 2011
https://www.caclubindia.com/forum/recent-developments-in-presumptive-taxation-144134.asp
17 May 2011
if u wish to apply this section then u need to pay tax @ 8% n without audit, n if u wish to show profit @ 7% than books of account need to be audited
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