Sec 44 ad
This query is : Resolved
08 August 2016
MY TURNOVER FOR F Y 2015-16 IS LESS THAN 1 CRORE & NET PROFIT IS LESS THAN 8% ON TURNOVER.IS I LABILE FOR AUDIT U/S 44 AB. IF I DID NOT OPTED 44 AD.
08 August 2016
In 44AD you must show at least 8% net profit on turnover. If profit is less than 8% you are liable for audit u/s 44AB.
10 August 2016
If you are showing profit less than 8% it doesn't matter whether you opt for 44AD or not, you are liable for audit even if your turnover is less than Rs. 1 crore.
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