If an assessee has a turnover of 65,00,000/- approx, other income of Rs. 5,00,000/- approx, gross profit of Rs. 7,80,000/- approx & net profit of Rs. 5,22,000/- approx, then is such assessee under obligation or liable to get his income either audited or presumptive u/s 44ad, or rather such assessee can file a simple return showing any amount of profit??
Also, please let me know that which assessee gets under obligation to choose either of such ways i.e. tax audit of income or show presumptive income u/s 44ad??
THANX IN ADVANCE, EAGERLY WAITING FOR YOUR VALUABLE REPLY......
01 July 2014
if your net income is below the 8% of the gross sales then you have to take audit report on your book of accounts. otherwise not required.
CAclubindia
