for audit u/s 44AD does DSE compulsory

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Shaman (Querist)

11 July 2011 Hi, if a proprietor has turnover or gross receipts below 60 L & his profilt is also below 8%, than he required to get his books of accounts audited as per section 44AD, but in filling return does DSE is also compulsory, & what about TDS provisions, does the TDS provisions are applicable to him for the next year??

CA PARAS BAFNA

CA PARAS BAFNA (Expert)

11 July 2011 Relevant Part of the notification-W.e.f 1.7.2011

2. In the Income-tax Rules, 1962 in rule 12, in sub-rule (3), in the proviso, for clauses (a) and (aa) the following clause shall be substituted, namely :—

“(a) a firm required to furnish the return in Form ITR-5 or an individual or Hindu Undivided Family (HUF) required to furnish the return in Form ITR-4 and to
whom provisions of section 44AB are applicable, shall furnish the return for assessment year 2011-12 and subsequent assessment years in the manner specified in clause (ii);”
Digital signature is thus compulsory as the audit will be carried on U/s 44AB only.

TDS provisions are not applicable.

TDS Provisions in case of an individual or HUF prop. are applicable when the turnover or gross receipts limits exceeds the prescribed limits of 60.00/15.00 lacs.

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