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Sec 44ab ,44ae

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(Querist)
24 July 2012 Respected sir,

if the turnover is 59 lakhs, and his profit is less than 8% of turnover or gross receipts and also his income is less than ceiling limit. Then is it necessary to maintain books of accounts under section 44AA & get them audited under section 44AB?
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CA Amit Jaiswal

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CA Amit Jaiswal (Expert)
24 July 2012 Section 44AE is for Transporters.

If you want to claim the income below the presumptive amount, then you will have to get the audit done u/s 44AB.



Also in case of section 44AD, if you want to claim the income to be less than 8%, you are required to get the books audited.
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Garre susmitha

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Garre susmitha (Querist)
24 July 2012 thanking u sir
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SANYAM ARORA

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SANYAM ARORA (Expert)
24 July 2012 Agreed with the Reply
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