During the financial year 2012-13 an individual (Indian resident and age below 60 years) has earned a net profit of Rs. 2.35 lacs from his eligible business in terms of section 44AD of the Income Tax Act 1961, whose turnover was Rs. 92 lacs. His total income during the financial year 2012-13 after claiming deduction under chapter VI-A is Rs. 1.92 lacs (i.e. below the tax-free limit). He had maintained books of account of his business and got the same audited u/s 44AB read with section 44AD during the last financial year 2011-12.
Is the individual required to get his accounts audited u/s 44AB read with section 44AD of the Income Tax Act 1961 for the financial year 2012-13?
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