case (1) a Proprietory concern is having turnover of rs.50 lakhs in P.Y- 2011-12 (A.Y. 2012-13) and net profit of rs. 4.5 lakh.....now if he/she shows rs. 4.5 lakh being higher then 8% of rs. 50 lakhs ( i.e- rs.4 lakh) in his/her Income Tax Return.......will it attract sec.-44AB .....and is tax audit required in such a case........???
case (2) if profit is rs. 3.8 lakh and profit shown in I.T Return is rs. 4 lakh (8% of rs. 50 lakhs being higher then rs. 3.8 lakh) ....is Tax Audit Compulsory in such a case.....
In both cases books of A/c's are maintained .......
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