Net profit below 8% of turnover
This query is : Resolved
Shaik Shair Ali
(Querist)
06 September 2014
Dear Sir,
What to do when Net Profit is below 8% of Turnover, shall I audit u/s.44AB or 44AF or anything else. Please clarify in detail whether 44AF still exists. No 44Af showing in Income Tax Returns (ITR Form). What is due date.
Thanks in Advance Sir
What to do when Net Profit is below 8% of Turnover, shall I audit u/s.44AB or 44AF or anything else. Please clarify in detail whether 44AF still exists. No 44Af showing in Income Tax Returns (ITR Form). What is due date.
Thanks in Advance Sir
06 September 2014
Section 44AF is not applicable any more since AY 2005-06 even though it still appear on statute book. Provisions of section 44AF have been incorporated in section 44AD wherein it has been provided that in case less than 8% profit is shown audit is required to be conducted u/s 44AB. You will have to maintain books of account and get them audited.
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