An assessee who not opted for presumptive scheme u/s 44AD yet. His current year turnover is less than Rs. 1 crore. Taxable income exceed basic exemption limit. But income from PGBP is less than 8% of total turnover. Will he required to get his accounts audited u/s 44AB?
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Sec. 44AD and Sec. 44AB
Replies (13)
Yes he is required to
Even if he maintains books if accounts, deemed profits will be inapplicable so audit is required
| Originally posted by : Vishesh Surana | ||
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No not required if maintain books of accounts |  |
I agree with vishesh.
44ab applies for those who come under 44ad(4) where the profits are less than deemed and income exceeds basic exemption limit . Then he has to compulsorily maintain books of accounts and get his accounts audited. There is no exemption to audit as to maintenance of books if accounts
| Originally posted by : MAHARAJA SELVA ESWAR | ||
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44ab applies for those who come under 44ad(4) where the profits are less than deemed and income exceeds basic exemption limit . Then he has to compulsorily maintain books of accounts and get his accounts audited. There is no exemption to audit as to maintenance of books if accounts | |
Please dont relate both sections both need to read in isolation.
Sec.44AD does not requires Tax Audit unless you state an income less than as per the presumptive thresholds.
Sec.44AB requires a tax audit only incase ur turnover is more than 1cr. or if you have opted an presumptive scheme and claim an income lower than presumptive scheme.
Sec.44AB does not requires a regular tax payer to get his accounts audited. unless it fall in the scope mentioned in thesection 44AB
Sec.44AD(4) applicable only when in any previous 5 years opted for presumptive taxation scheme. In my case i have not opted for presumptive taxation yet. It is a new business.
@ heet shah Whether there is any exemption to audit us 44 ab for maintenance of books if accounts by a presumptive taxpayer?
| Originally posted by : DHIRAJ JOHN MATTAM | ||
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Sec.44AD(4) applicable only when in any previous 5 years opted for presumptive taxation scheme. In my case i have not opted for presumptive taxation yet. It is a new business. | |
Yes so tax audit is not reqd.
| Originally posted by : MAHARAJA SELVA ESWAR | ||
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@ heet shah Whether there is any exemption to audit us 44 ab for maintenance of books if accounts by a presumptive taxpayer? | |
Exemption from TAx audit to presumptive taxpayers is provided in 44AD
@ Maharaja 44 Ab deal with taxpayer liable to tax audit only
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