Sec 44ae

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AS ONE OF MY CLIENT HAVING TURNOVER MORE THAN 1 CRORE IN TRANSPORTATION BUSINESS AND HAVING LESS TAN 10 TRUCKS IN AY 2017-18. THEN IF HE SHOW PROFIT MORE THAN LIMIT SPECIFIED IN SECTION 44AE THAN IS HE LIABLE TO GET HIS ACCOUNT AUDITED OR NOT?
Replies (5)

HE IS NOT LIABLE TO GET HIS ACCOUNT AUDITED.

When he would be liable to get his account audited?
As per sec 44ae presumptive income is 7500/month he can show profit upto and above the limit. If he want to show less income from limit then he will be liable to audit his account.
continuing the point of Mr. Jaiswal, he is also liable to get his account audited if gross turnover exceeds Rs. 2 crore .

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