Us 44Ab 44ad
This query is : Open
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
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
09 October 2016
exceed the limits and since profit is shown at 8%, you do not require audit
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