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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44 AB applicability
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44AB applicable if turnover exceeds 1 cr
Since profit is below the minimum 6% & 8% of turnover as per 44AD, you have to go for audit as required under 44AB.
You have 2 options either audit your books and declare the actual net profit or go for 44ad
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.
Thanks sir for the reply
You can continue with Sec. 44AD if you wish.
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