Tax audit
This query is : Open
21 June 2017
Dear Sir,
A person is carrying the business of Bakery. His Total Sales is 60,00,000/- in the FY 2015-16. He is showing the income less than 8 % and maintaining the books of accounts and his total income is exceeds the maximum amount which is not chargeable to tax. Whether he is liable to get his accounts audited u/s 44 AB? He is not opted for section 44 AD presumptive basis.
A person is carrying the business of Bakery. His Total Sales is 60,00,000/- in the FY 2015-16. He is showing the income less than 8 % and maintaining the books of accounts and his total income is exceeds the maximum amount which is not chargeable to tax. Whether he is liable to get his accounts audited u/s 44 AB? He is not opted for section 44 AD presumptive basis.
CA Rashmi Gandhi
(Expert)
21 June 2017
Yes he is compulsorily required to register under tax audit.
Message likes :
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CA Rashmi Gandhi
(Expert)
21 June 2017
Yes he is compulsorily required to get his book audited u/s 44AB.
Message likes :
1 times
22 June 2017
Section 44 AD is optional scheme or Compulsory ?
CA Rashmi Gandhi
(Expert)
22 June 2017
Its compulsory.
Message likes :
2 times
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