Tax audit
This query is : Resolved
08 August 2012
An individual is maintaining regular books of accounts. His turnover for F.Y. 2011-12 is 56 lacs for retail business. The net profit is 3.20 lacs. This is well below 8 %. If the individual does not opt for provision U/s 44 AD for presumptive assessment, will he be required to get his accounts audited U/s 44AB even though his turnover is below 60 lacs ? Any suggestion ?
08 August 2012
provisions of 44AB are applicable in this case even though turnover is less than 60 lakh for fy 2011-12
If the profit as per provisions 44AD is higher or person is suffering losses. Then he shoudl odopt provisions of Sec. 44AB
If the profit as per provisions 44AD is higher or person is suffering losses. Then he shoudl odopt provisions of Sec. 44AB
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