Section 44ad
This query is : Resolved
SUBHASH MISHRA
(Querist)
29 July 2011
Dear sir,
As per provisions of section 44AD of the I. T. Act, 1961, Is it compulsory to get an audit as per provisions of section 44AA when the total net profit of the business is shown less than 8% of the total turnover.
Is it a compulsion or optional to opt this scheme ?
Please guide.
Subhash
As per provisions of section 44AD of the I. T. Act, 1961, Is it compulsory to get an audit as per provisions of section 44AA when the total net profit of the business is shown less than 8% of the total turnover.
Is it a compulsion or optional to opt this scheme ?
Please guide.
Subhash
CA Ashwani Agarwal
(Expert)
31 July 2011
It is compulsory to either show profit of 8% or get your accounts audited.
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