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Whether audit and reports are mandatory

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Querist : Anonymous

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Querist : Anonymous (Querist)
18 September 2013 Hello Experts,
Mr A is a Stationery Shop Keeper. His Total Sales for the year 2012-13 were Rs 98.00 Lakhs. He wants to file ITR. He has maintained detailed books of accounts. Profit as per Books arrived at Rs 4.70 Lakhs. If he opts for Presumptive Taxation Scheme (Sec 44AD), his taxable income would be Rs 7.84 (Rs 98.00 Lakhs * 8%), which is not agreeable to the Proprietor.
Kindly let me know whether Sec 44AD is applicable in his case and if he wants to declare Rs 4.70 Lakhs, whether he is bound to get his books audited u/s 44AB. Is it mandatory to e-file Form 3CB and Form 3CD before 30.09.2013

See Discussion: https://goo.gl/oKAuUR
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
23 September 2013 If the assessee wishes to claim 4.70 lakhs as profit, he needs to maintain proper accounts as per 44AA and get the audit done as per 44AB. Yes is it mandatory to file the audit report before the due dates.
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