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44AD(4)(5)
after the amendment of section 44AD, (4)(5) where turnover is less than a crore, is it mandatory to get books audited if income declared is below 8/6 percent.
Replies (4)
Yes, provided total income exceed basic exemption limit.
but amended section 44ad (4)(5) refers to audit of entity who fall under sub section 4 only. if u compare the pre amended 44ad with post, it states, audit is needed only for those entities who fall under sub section (4)
Of course, this is debatable issue. Let an expert clarify the point.
When profit declared is less than 8 / 6 % (below minimum) under 44AD , audit is required otherwise also.
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