Tax audit

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(Querist)
05 September 2014 Hi everyone,
We have a client who was audited under 44AB last year but this year his turnover is below 1crore.So my query is he liable for tax audit and if so under which section ?

Please reply soon and thanking you in advance.
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
05 September 2014 not liable if no turnover is crossing the 1 crore limit
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
05 September 2014 Limit of Turnover to be considered every year. So if in any year this limit is not crossed, Tax Audit not required.
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Zeeshan

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Zeeshan (Querist)
05 September 2014 Also the clients Profit declared as per books is less than 8% of turnover can it be audited it be audited in 44AD
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
05 September 2014 yes then tax audit is compulsory.............
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Zeeshan

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Zeeshan (Querist)
05 September 2014 So is there any difference in audit report u/s 44AB and 44AD also ITR of client is not filed yet?
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
05 September 2014 there is no difference as the report shall be same but minor changes in the clause in the report
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Zeeshan

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Zeeshan (Querist)
05 September 2014 i have selected audit u/s 44AD in part 8 of 3CD,i should fill in whole net profit amount in part 12 of 3cd
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