Cumpulsion regarding sec- 44ad
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
08 July 2013
Respected Members,
Is it mandatory for the assessee to opt for sec 44 AD. Can a assessee claim less than 8% profit if he is maitaining books of accounts if his Sales is less than Rs. 1 crore.And If yes will Tax Audit will b cumposory even if his sales is not exceeding the limit of Sec-44 AB
Is it mandatory for the assessee to opt for sec 44 AD. Can a assessee claim less than 8% profit if he is maitaining books of accounts if his Sales is less than Rs. 1 crore.And If yes will Tax Audit will b cumposory even if his sales is not exceeding the limit of Sec-44 AB
CA PARAS BAFNA
(Expert)
08 July 2013
Yes tax audit will be compulsory on the ground of net profit being less than 8% of turnover which is less than Rs. 1.00 Crore.
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