Audit u/s 44ab
This query is : Resolved
29 December 2014
ABC is a proprietorship firm and maintaining books as its turnover for last 5 years is more than 10 lakhs and net income more than 120000/-. if in financial year his turnover is 50 lakhs and net profit is 300000/- then does he require audit or can he file ITR 4.
In other words I want to know whether the condition of 8% has overriding effect on 44AA(2)(i).
In other words I want to know whether the condition of 8% has overriding effect on 44AA(2)(i).
CA R SEETHARAMAN
(Expert)
29 December 2014
Condition of 8% has overriding effect and tax audit is applicable.
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