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Presumptive Taxation 44 AD
An individual business man having 95 lakh turnover and 5 lakh profit ,whether he is required to get his accounts audited??
Replies (8)
yes he is liable for audit .
if the profits and gains from the business are deemed to be the profits and gains of such person under section 44AD and he has claimed such income to be lower than the profits and gains
also liable for audit if profit lies in taxable limit
Everyone is telling that if profit is below 8% of turnover required to Audit books. But no one is telling under which section and clause of Income Tax Act the Audit is applicable
please read section 44ab
| Originally posted by : rahul garg | ||
 |
please read section 44ab |  |
I didn't see anything in section 44AB.
section 44AB(e) it says Audit is required to a person coming under section 44AD(4).
and
Section 44AD(4) says that a person opted for 44AD for one year then he is required follow the same for the next 5 years. otherwise he required to get his accounts Audited U/s 44AB.
there is no mention of declaring lower profit in section 44AD and 44AB
sec 44ab says that audit is required for person coming under section 44ad(4) having income exceed amount chargeable to income tax
and sec 44ab also says audit required for person coming under section 44ad/44ada if they claim income lower than prescribed under such section and such income exceed maximum amount not chargeable to income tax.
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