Sec 44ad

This query is : Resolved

shamkant (Querist)
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19 August 2013 I am labour contractor providing labours to companies. Whether sec 44AD is appicable to me or not pls guide. & if the turnover is more than 1 cr tax auidt is compulsory or not pls guide

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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19 August 2013 In case your turnover is above 1 Cr then tax audit is applicable to you and if it is below 1 Cr you can take the help of 44AD by showing 8% profit on your turnover but if the turnover is less than 1Cr and your profit is also less than 8% of Gross turnover then also you have to get your accounts audited u/s 44AB

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