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44 AB applicability

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ca
52 Points Posted on 07 January 2020
Last year assessee was under sec 44 AD. This year he is having turnover of 1.18 cr and net profit. 2.45 lacs. wheather sec 44AB applicable?

Kindly reply.
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On 07 January 2020 at 17:30 Report
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19 Points Posted on 07 January 2020
44AB applicable if turnover exceeds 1 cr
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On 07 January 2020 at 17:36
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17264 Points Posted on 07 January 2020
Since profit is below the minimum 6% & 8% of turnover as per 44AD, you have to go for audit as required under 44AB.
101 Reply
On 07 January 2020 at 23:06
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12244 Points Posted on 07 January 2020
You have 2 options either audit your books and declare the actual net profit or go for 44ad
35 Reply
On 07 January 2020 at 23:43
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17264 Points Posted on 08 January 2020
Whether under 44AD or not ,. ....Audit in both options is compulsory under 44AB. (when you declare profit of 2.45 lakhs. ( which is below 6% and / or 8% of Turnover.
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On 08 January 2020 at 00:00
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ca
52 Points Posted on 08 January 2020
Thanks sir for the reply
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On 08 January 2020 at 08:14
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Partner
35 Points Posted on 09 January 2020
You can continue with Sec. 44AD if you wish.
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On 09 January 2020 at 01:18


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