If assessee having turnover of Rs. 9500000/- does not opt for 44AD in AY 2017 18 then he required to get accounts audited under section 44AB
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Section 44AD
Replies (15)
yes the accounts to be get audited
yes the accounts to be get audited
If assessee does not opt for 44AD in AY 2017 18 then not required to get accounts audited under section 44AB since section 44AD(4) and 44AD(5) will not apply to him
both sections will apply
Audit not required....
Audit reqd if income (including all income heads) is greater than max expemt from tax. Audit under 44AB(e)
If profit is more than 8% then audit not required
If profit is more than 8% then audit not required
If profit is more than 8% then audit not required
If profit is more than 8% then audit not required
though income is less than 1cr if profit is not less than 8% audit not required
clause by clause interpretation of section 44AB and 44AD
Thanks for sharing that Mr Jubair. It is very nicely written comparison of the changes made recently to the earlier legislation. However, I could not find the impact of addition of 44AB(e). Any views on that.
Where an eligible assessee declares profit for any previous year in accordance with the provisions of this section (44AD) and he declares profit for any of the five assessment years relevant to the previous year succeeding such previous year not in accordance with the provisions of sub-section (1), he shall not be eligible to claim the benefit of the provisions of this section for five assessment years subsequent to the assessment year relevant to the previous year in which the profit has not been declared in accordance with the provisions of sub-section (1). @ Neeraj Gupta.
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