Audit u/s 44ad
This query is : Resolved
16 March 2014
My business is trading in food products.. My Gross profit margin is 6%.. My turnover for the FY 2012-13 is Rs.59 lakhs.. My approximate net profit is 2.5 lakhs.. should my books of accounts audited by CA u/s 44AD?.. please help me..
16 March 2014
As your Gross Receipts doesnot exceed RS 1 crore,you can opt for PTS u/s 44ad,no audit is required.Presumptive income-8% on GR,however if you claim that your income as calculated as per normal provisions is lower than Presumptive income,Audit BY CA required
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