Audit U/s Sec. 44AD

This query is : Resolved

Rakesh Kamlakar Jadhav (Querist)
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08 March 2011 Respected Sir,
I have a pan no. and I have three business on my PAN no. each business turnover is 20 lakh per year. Can I liable for Audit.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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08 March 2011 If u declare less than 8% profit on the turnover of all business put together audit is mandatory under section 44AB read along with 44AD(5) of the Income tax Act,1961.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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08 March 2011 Turnover of all business will be included to calculate the limit.

For further details see following article---

https://www.caclubindia.com/articles/critical-analysis-of-section-44ad-9048.asp

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