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Tax audit

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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 ?
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Nachiket Vasantgadkar

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Nachiket Vasantgadkar (Expert)
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
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