Will audit is compulsory or not
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
30 September 2013
a senior citizen in ay 2013-14 has following income form various heads
pension = Rs 230000/
business turnover
2020000/ & profit is= Rs 40000/
now the question is audit u/s 44AB is compulsory or not?
pension = Rs 230000/
business turnover
2020000/ & profit is= Rs 40000/
now the question is audit u/s 44AB is compulsory or not?
Dintakurthi Tirumala
(Expert)
30 September 2013
Yes, audit is compulsory, Because of as per section 44AD you have to offer minimum income from business is 8% on turnover means Rs.1,61,600/-. But you offering lower income than minimum required and your gross total income exceeds the basic exemption limit so you required to make tax audit u/s 44AB compulsory. In case if you want to offer such Rs.1,61,600 income from business even though profit as per books is lower than that then not required to make tax audit.
OM SAI SRI SAI JAI JAI SAI
OM SAI SRI SAI JAI JAI SAI
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