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Presumptive tax as per finance bill 2016

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29 March 2016 Whether a practicing CA whose gross receipts are below Rs.50 lacs and his profits are less than 50% of gross receipts. In this case whether he has to get his accounts audited u/s 44AB for Tax Audit ? He maintains books of accounts.
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Ankur Singhal

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Ankur Singhal (Expert)
29 March 2016 DEAR
IF YOU DO NOT OPT FOR SECTION 44AD THEN YOU NEED TO MAINTAIN BOOKS SO THAT THESE CAN BE AUDITED TO SHOW THE ACTUAL PROFIT.
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