12 July 2020
Turnover of a businessman is less than Rs 1 Cr(Rs 86 lac). He doesn't want to opt for sec 44AD as his profit from the business is less than 8 % (Rs 4 lac aprox). Same is the case for one of the doctor who runs a homeopathy clinic and has a turnover of approx Rs 26 lac and has net profit approx Rs 8 lac and doesn't want to opt of sec 44ADA
Are they both required to maintain books of accounts and get those audited from a CA..?
05 November 2021
1. In first case ...yes only if sec. 44AD was opted in any preceding years. 2. In second case, even if sec 44ADA not opted, 50% profit margin mandatory; otherwise tax audit mandatory.
CAclubindia
