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Us 44Ab 44ad

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(Querist)
08 October 2016 I am a stock trader by profession My total turnover of trade was 1 Crore and profit was 8 lakhs for current financial Year my profit was 8% of my turnover Do I need Audit Us 44ab or 44 ad
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Kaushik Joshi

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Kaushik Joshi (Expert)
09 October 2016 Dear Vijaykant Compulsory audit u/s 44ab is required if turnover exceeds 1cr. if turnover doesn't exceed 1cr then 44ad states min 8% profit required. Since your turnover does not
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Kaushik Joshi

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Kaushik Joshi (Expert)
09 October 2016 exceed the limits and since profit is shown at 8%, you do not require audit
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