Tax audit report

Yes. agree with Sudhakar. Presumptive Taxation is different from 44 AB.

More over , 44 ab is applicable only if,

Turnover >60 lakhs = AY 2012-13

Turnover > 1 crore = AY2013-14.

in case assessee is opting for presumptive taxation he did not required to get his books of account audited, so no reports are required and tax audit is also not  applicable if he is opting for 44AD

thanx for ur reply.

Now situation is:-

He opted the section 44 AD but does not want to show profit 8%. As per profit & loss made the profit % comes to 5%. it means proper tax audit required. Now is any tax report is applicable for liquor business?

IN SIMPLE WORDS IF HE OPTS FOR SEC 44AD NO TAX AUDIT REPORTISREQUIRED...

BUT IF HE DOESNT FOLLOW STRICTLY SEC44AD AND HAS CROSSED THE LIMIT OF  TAXABLE

TURNOVER OF  60LAKS  OR  1 CRORE AS THE CASE MAY BE FOR RESPECTIVE AY THEN EVEN

IF LIQUOR BUSINESS IS THERE TAX AUDIT REPORT IS REQUIRED.

thanx to every1 for their reply.......:)

If you claim your net profit to be less than 8 % then tax audit required and no other reports required. But if you opt for 44 AD then your profit from business will be taken @ 8% of turnover i.e 3.84 lakhs and in that case no audit is required.

ya thanx Mr. Vaibhav...... i got it now that no extra report is required other than 3CA/3CB for Liquor tax audit report. 

Suppose, now instead of claiming 8% he claims 4% in this case profits comes to Rs. 192000/-(which is below the chargeable limit of tax - Individual). Then in this case do he is required to get his books of accounts audited and maintained...???

Kulvant singh MANT is another matter and tax audit requirement by virtue of 44AD is another matter. tax audit is required if you show your profit less than 8% for other than 44AB cases. and after deciding your profit you check the taxable limit by MANT. 

ya i am also agree wid danish badar.

Tax Audit is compulsory if you show profit less than 8%, it does not matter your profit is less than tax limit. but still tax audit is required.