hi friends, please help to solve the following query.
suppose an individual having a business turnover of Rs. 2500000 maintains his books of accounts and shows a profit of Rs. 250000 i.e. Rs 50000 than what he could have opted under section 44AD (RS 200000). is he required to get his accounts audited or not????
Please help with your valuable suggessions.
thanking in anticipation.
Hi Ankur,
44AD tells that if turnover is less than limits u/s 44AB, then we need to declare 8% of turnover as income or what is actually claimed. Since, the Net profit shown is more than 8% audit u/s 44AB is not required.
Agree with All....
No need for Tax Audit
Agree with Tarun
HI, Every One, My questions are as below :
1) How Many types of Audits are required by a Traders and what will be the Turnover LImits that Required to Audit.
2) What are the conditions U/s 44AD for .Audit and Not to Audit.
3) Where Can I get List of VAT Rate applicable on diffrent Items.
4) What is a Procedure of obtaining 'C Forms'.
Thanking you very muach in Advance.
CAclubindia
