Section 44ad, urgent answer required
This query is : Resolved
16 March 2015
MY NAME IS MADHU. I AM A RETAIL TRADER HAVING TURNOVER FOR THE FY 13-14 IS RS 69,52,180/- & NET PROFIT ON THE TURNOVER IS RS1,80,260/- AND I HAVE NO OTHER INCOME. WHETHER TAX AUDIT IS MANDATORY OR NOT?
16 March 2015
yes, As your book profit is less then 8% of gross sales.
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16 March 2015
SIR, AS MY INCOME IS BELOW 2,00,000/- AND THERE IS A PROVISION IN THE ACT THAT IF YOUR INCOME FROM 44AD INCLUDING ALL OTHER INCOME IS BELOW MAXIMUM AMOUNT CHARGEABLE TO TAX, THEN YOU DONT HAVE TO CONDUCT AUDIT OF SUCH BUSINESS.....AM I CORRECT
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