19 August 2013
A Person have profit under section 44AD . Whether it is right to show this point in audit report under point no- 10 of 3cd. and also please explain this point
19 August 2013
This point has become historical and lost its utility upto a great extent at the very moment when Section 44AF has been repealed and Section 44AD has been made applicable. . Prior to insertion of Section 44AD, it was possible to opt a business U/s 44AF and others into tax audit. . In case the assessee has opted 44AE, Para 10 may have a remark like "Yes", but in such a case alternatively the income can be credited to the capital account of the assessee if you want to reply "No" in all your tax audit cases. .
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