Tax audit u/s 44AB
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
08 July 2011
Mr. A. a qualified mechanical engineer is a proprietor of authorised service centre of a reputed Indian company and his turnover for the financial year 2010-11 is Rs. 27,00,000/-. Whether his account for the above mentioned turnover is required to be audited u/s. 44AB
08 July 2011
Yes if he is showing profit less then 8% of his turnover then the provisions of Section 44AD will apply and if he is showing profit above 8% then no Tax Audit is required up to the turnover of 60 lacs.
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