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44AD(4)(5)

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Article
26 Points Posted on 04 September 2019
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.
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On 04 September 2019 at 16:57 Report
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student
315 Points Posted on 04 September 2019

Yes, provided total income exceed basic exemption limit.

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On 04 September 2019 at 16:59
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Article
26 Points Posted on 04 September 2019
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)
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On 04 September 2019 at 17:01
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student
315 Points Posted on 04 September 2019

Of course, this is debatable issue. Let an expert clarify the point.

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On 04 September 2019 at 17:10
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17264 Points Posted on 04 September 2019
When profit declared is less than 8 / 6 % (below minimum) under 44AD , audit is required otherwise also.
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On 04 September 2019 at 18:02


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