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Audit under 44AB

Page no : 2

RAMDEVA RAM JYANI (Audit assistant ) (138 Points)
Replied 20 August 2017

Please see illestration

1. Turnover for P.Y. 2016-17 is Rs. 90,00,000.00, and net profit for the year amounts to Rs. 4,50,000.00 and all the books as per sec 44AA are maintained will there be requirement to get the Accounts audited?

2. Turnover for P.Y. 2016-17 is Rs. 90,00,000.00, and net profit for the year amounts to Rs. 1,60,000.00 and all the books as per sec 44AA are maintained will there be requirement to get the Accounts audited? 

answer

In both case you have to get audited your accounts as income is less than 8% of receipts.
You have to take gross total income equal to 8% if you dont want to get audited ur a/c. You can also go for 160000 but for that u have to get ur accounts audited

 

rama krishnan (11360 Points)
Replied 20 August 2017

attn ramdeva: for illustration 2, audit under 44AB not required since the total income is less than taxable limit, if the assessee is indl or huf. correct me if iam wrong
1 Like

Pawan Sehrawat (Partner) (91 Points)
Replied 12 June 2018

https://www.google.co.in/url?sa=t&source=web&rct=j&url=https://www.incometaxindia.gov.in/tutorials/13.%2520tax%2520on%2520presumptive%2520basis%2520in%2520case%2520of%2520certain%2520eligible%2520businesses.pdf&ved=2ahUKEwj_ioDQo83bAhVGMI8KHY-cAiUQFjAAegQIBxAB&usg=AOvVaw1Xo-oox0UPxWGLV5mMwE1M

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