Point no 10 of audit report

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Querist : Anonymous

Querist : Anonymous (Querist)

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

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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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This point has become historical and lost its utility upto a great extent at the very moment when Section 44AF has been repealed and Section 44AD has been made applicable.
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Prior to insertion of Section 44AD, it was possible to opt a business U/s 44AF and others into tax audit.
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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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