A Newspaper advertising Agent has turnover of advt charges recd 50 lakhs , declare net profit below 8%. Is it compulsory to audit u/s44 AB since the agency commission exempt from 44 AD
S.S.Aravindhan (chartered Accountant) (78 Points)
23 September 2013A Newspaper advertising Agent has turnover of advt charges recd 50 lakhs , declare net profit below 8%. Is it compulsory to audit u/s44 AB since the agency commission exempt from 44 AD
CA. Kunal Lakhotia
(ACA)
(1006 Points)
Replied 23 September 2013
Turnover less than 1 crore so no requirement u/s 44AB and you should not opt for 44AD
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