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.
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