Audit under sec. 44ad
This query is : Resolved
Amit Agarwal
(Querist)
16 March 2014
Do I have to get my books of accounts audited if my gross turnover including vat is 42 lakh and my net profit is 5%?
However if I donot opt for sec. 44AD even then do I have to get my accounts audited?
However if I donot opt for sec. 44AD even then do I have to get my accounts audited?
Dintakurthi Tirumala
(Expert)
17 March 2014
You must and should be required to maintain regular books of accounts as per section 44AA and If your total income exceeds basic exemption limit then you must and should be required to make tax audit if you want to offer 5% income only.
OM SAI SRI SAI JAI JAI SAI
OM SAI SRI SAI JAI JAI SAI
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