Digital signature required in audit u/s 44ad

Save Share

This query is : Resolved

jay (Querist)

24 August 2011 i want to know that our dealer has turnober below 60 lakhs in f.y. 10-11 but the net profit is less than 8% so we have to audit our account.but i want to know that if audited our account as per income tax section 44AD and filed our e rturn so digital signature is required while filing the ereturn or not.

Ravikant

Ravikant (Expert)

24 August 2011 Digital Signature Certificate made mandatory w.e.f 1st July 2011 for Firms and Individuals whose accounts are required to be audited u/s 44 AB of the Income Tax Act' 1961.

CA. Anoop Gadia

CA. Anoop Gadia (Expert)

24 August 2011 if you are audited uder u/s 44AB than you req. digital signature or you report minimum 8% income on turnover.

CA Ashwani Agarwal

CA Ashwani Agarwal (Expert)

24 August 2011 Every audit in income tax is done u/s 44AB of income tax even if it is done due to profit below 8%.

So digital signature will be needed if you are getting your books audited because of non compliance of 44AD.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now