When there is a need to show 8% profit
This query is : Resolved
02 September 2014
PLS EXPLAIN SEC 44AB WITH RESPECT TO SEC 44AD
ISSUE IF A CLIENT BELOW 1CR & SHOW PROFIT LESS THAN 8% IS IT OK???
ISSUE IF A CLIENT BELOW 1CR & SHOW PROFIT LESS THAN 8% IS IT OK???
02 September 2014
1. Section 44AD(5) provides that the assessee will be required to maintain books of accounts and get his accounts audited if the assessee declares profit less than 8% of gross receipts AND his income exceeds the maximum amount not chargeable to tax.
2. If the income of the assessee does NOT exceed the exemption limit then he is NOT required to get his accounts audited.
2. If the income of the assessee does NOT exceed the exemption limit then he is NOT required to get his accounts audited.
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