If assessee(individual ,huf, partnership firm) engaged in bussiness have turnover less than 1 cr, maintain books u/s44 AA and offer net profit less than 8% (or 6%) then under which section he required to get books audited in case he not opt for presumptive income before.
As 44 AD apply when he doesn't maintain books and offer profit below 8%.
So can he offer net profit below 8%(or 6%) and file ITR 3 with balance sheet and profit & loss without audit.
Menu
Audit Applicability u/s 44AD and 44 AB
Replies (2)
if you are claiming ur profit below 8% or 6% as the case may be then you need to maintain books of account and further needs to get them audited under section 44AD..
either opt under 44AD/ADA, or maintain books of accounts and audit books
Recent Topic
- Total income less than 12 lakhs but after processi
- Is Getsvision Solutions right for SMTP bulk email
- Queries on Stock/ETF gifting.
- Adding bank account for the deceased for ITR refun
- SALE OF EQUITY ON THE LAST DAY OF THE FY 2024-25 N
- Which ITR form
- Form 103 id delayed for submission for more than 1
- Composition scheme
- Input tax credit under igst under insurance compan
- ITR Form to be used
Related Topics
CAclubindia
