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Section 44AD & section 44AB

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Querist : Anonymous

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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?
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CA PARAS BAFNA

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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.
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CA Rajendra Purohit

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CA Rajendra Purohit (Expert)
18 June 2011 Agree with Expert.
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