Tax audit u/s 44ab
This query is : Resolved
11 March 2013
One firm whose total sale are Rs.1512147 and profit is below 8% around Rs 165254 so , in that case Tax audit applicable to firm u/s 44AB. They do not file their return u/s 44AD. Reply as soon as possible.
11 March 2013
Section 44AB provides as under -
"if the profits and gains from the business are deemed to be the profits and gains of such person under section 44AD and he has claimed such income to be lower than the profits and gains so deemed to be the profits and gains of his business" shall get his accounts audited.
"if the profits and gains from the business are deemed to be the profits and gains of such person under section 44AD and he has claimed such income to be lower than the profits and gains so deemed to be the profits and gains of his business" shall get his accounts audited.
11 March 2013
So, It is not stated in section 44AB that If profit is below 8% then Assessee has required to do Audit. This condition is stated in Section 44AD Am i right? Reply fast
11 March 2013
As per Section 44AD, 8% shall be deemed to be the profits.
44AB mentions profit deemed u/s 44AD i.e. 8%.
44AB mentions profit deemed u/s 44AD i.e. 8%.
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