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Sec 44ad

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(Querist)
09 September 2013 Please confirm, if any assessee has not obtained Sec 44AD for his business till 2011-12 and in 2012-13 his profit is below 8% of turnover and his turnover is less then 1 crore, is the assessee required to do tax audit?
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Prakash Kochar

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Prakash Kochar (Expert)
11 September 2013 Tax audit u/s. 44AD r.w. sect. 44AB is required except where the total income does not exceeds the maximum amount which is not chargeable to tax.
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