A client turnover is 1.50 crore that is more than 1 crore, but he don't want to declare income on presumptive basis @ 8%, and want to conduct audit
my query is under what clause of 44Ab audit will be done whether under clause (a) i.e. turnover more than 1 crore or clause (e) declaring profit less than 8%
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Regarding income tax audit
Replies (4)
You need to select 44ab (e) if he has filled presumptive in previous year and now want to declare profit less than 8 percent otherwise 44ab (a) will be selected
Means even if his turnover more than 1 crore, I have to see whether he declare previous year profit on presumptive basis or not, if he shown on presumptive basis then I have to select option e ?
If he filled last year presumptive return then he has to file presumptive return continue 5 years and if he want to declare his profit less than 8 percent than its mandatory to file tax audit under 44ab(e). as per my opinion
Thanx, please tell me what details are to be shown in clause 12
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