Dear experts,
One of my client is wholesaler of dry fruits and having TO of 70-80 lakh. His gross margin is just 2%. He has mainanted proper books of a/c u/s 44AA. He don't want to opt 44AD.
My query is Can he show his profit bellow 8/6% without being subject to audit u/s 44AB ?
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A/c u/s 44AA- Profit bellow 6/8% without Audit ?
Replies (6)
Yes, you can No Problem
YES no audit required as turnover is well below the upper threshold/trigger level specified for 44AB i,e Rupees 1Crores (100 Lakhs)....BUT this may get picked up by computer aided scrutiny selection (CASS) system so books of accounts need to be qualitatively maintained ...
P.S : Though there still prevails another view that even if one is not opting presumptive taxation scheme of 44AD and simply filing under 44AB provisions threshold limits with profit percentage declared below 8% then audit under section 44AB is to be done .
Check out the Business Individual or any other....
Check out the Profit if it's basic exemption limit...
Check out the Profit if it's basic exemption limit...
If u r showing profit more than BEL and it is less than 8/6% then audit is mandatory.... Otherwise not
in my opinion, the books required to be audited under section 44ab
books required to be audited
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