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should get books audited or not
A firm was assessed in 44AD in previous year but now it doesn't want to opt that,its turnover is less than prescribed audit limits and it want to show profits less than 8% of turnover,should the firm need to get its books audited??
Replies (2)
8% is applicable only in case of 44AD. If the firm doesnot opt for 44AD then actual profit to be shown and audit is not necessary in that case if the turnover limit is less than the prescribed limit.
Once you opt out of 44AD, then you cannot opt back for 5 years. Refer various subsections of 44AD.
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