Tax audit
This query is : Resolved
31 August 2014
Pls. tell if an assesee turnover less than 1 crore and profit is also less than 8% and he is also book maintain not presumpative business income. so pls. clear assesee is required to tax audit or not.
31 August 2014
Refer Section 44AD(5) which provides that the assessee will be required to get his accounts audited if the assessee declares profit less than 8%
AND
his income EXCEEDS the maximum amount not chargeable to tax.
So if the assessee declares income less than 8% AND his income exceeds the exemption limit then he is required to get his accounts audited
if his income does NOT exceed the exemption limit then he is NOT required to get his accounts audited
AND
his income EXCEEDS the maximum amount not chargeable to tax.
So if the assessee declares income less than 8% AND his income exceeds the exemption limit then he is required to get his accounts audited
if his income does NOT exceed the exemption limit then he is NOT required to get his accounts audited
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