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sec 44 ADA
If a profession is having net profit less than 50 % of gross receipts and he doesn't want to go for opting 44ADA and file normal return by maintaining books of accounts. Will he still have to conduct tax audit?
Replies (7)
Yes, you will have to undergo tax audit in such a case.
Yes, if gross total income exceed basic exemption limit. [Infer Sub-sec 44AB(d)]
yes you need to audit your books
But isn't it optional whether to go for 44ada or not.?
yes it's always optional for the 1st year
So if i don't opt for 44ada and file a normal return why should i get my BOA tax audited? Even if my gross receipts doesn't exceed 50 lakhs?
that's mandated by law
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