Section 44AD & section 44AB
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
09 June 2011
If an individual whose income is less than the basic exemption limit is carrying an eligible business as mentioned in section 44AD and his profit is less than 8% of turnover. Whether he is liable for tax audit?
CA PARAS BAFNA
(Expert)
09 June 2011
In case turnover is less than 60lac and profit is less than 8% of turnover, he is liable to get his accounts audited U/s 44AB.
However, TDS provisions will still be not applicable to him in the next financial year as his turnover is below the tax audit limit.
However, TDS provisions will still be not applicable to him in the next financial year as his turnover is below the tax audit limit.
CA Rajendra Purohit
(Expert)
18 June 2011
Agree with Expert.
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