Audit under new section 44ad

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Kamlesh Shyamlal Khanwani (Querist)
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12 September 2011 Hi there!

Please let me know the nature of business / number of business covered/eligible for audit under new section 44AD. Is it applicable only to the retailers??? or is it applicable to all and sundry businessmen???

Please guide.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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13 September 2011 Eligible business (for 44AD)means
i) any business except business of plying,hiring,or leasing goods carriages referred to in section 44AE; and
ii) whose total turnover or gross receipts in the previous year does not exceed an amount of Rs.60L.

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C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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13 September 2011 The basic behind 44AD is
1) Minimum Net Profit should be 8% of the Turnover.
2) The gross turnover should not exceed 60L

If both the conditions are fulfilled then no Tax Audit otherwise you have to get your accounts audited u/s 44AB

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