Audit u/s 44ab
This query is : Resolved
30 March 2012
if sale is less than 60 lacs and net profit ratio is also less than 8% then whether the person is liable to tax audit, when books have been maintained?
30 March 2012
Yes the person is liable to tax audit. The assessee is covered under Section 44AD.
Section 44AD read with Section 44AB clearly states that if the income is claimed less than 8%, the assessee is required to maintain books of accounts and also get his accounts audited.
Section 44AD read with Section 44AB clearly states that if the income is claimed less than 8%, the assessee is required to maintain books of accounts and also get his accounts audited.
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
- ITR 2 Short Term gain & Long term gain
- Off Market debit and credit transaction
- Reporting Income under Section 44ADA
- Itr 1 processing
- Building and other construction workers welfare cess act 1996
- ITR returnFY25-26
- ITR validation error - Balance sheet is not filled
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- Bank Accounts in Balance Sheet for ITR 3
- Short Term Capital gain on shares bought and sold after 2018 onwards
- Form 10BD Filling
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- 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
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
