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.
6 Replies
Kapadia Pravin
(17264 Points)
Replied 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.
rama krishnan
(12244 Points)
Replied 07 January 2020
You have 2 options either audit your books and declare the actual net profit or go for 44ad
Kapadia Pravin
(17264 Points)
Replied 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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