IS IT COMPULSORY TO GET TAX AUDIT U/S 44AB IN CASE OF ASSESEE BEING INDIVIDUAL FALLING U/S 44AD HAVING INCOME BELOW 8% EVENIF HIS INCOME IS BELOW THE BASIC EXEMPTION LIMIT?
THANX IN ADVANCE
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Tax audit u/s 44AB for presumptive income U/S 44AD
Replies (8)
YES AUDIT IS COMPULSORY
Yes. . . . . . . . . . . . . . . . .
No, as per proviso to sec 44AD
if you are covered u/s 44AD and you r showing your profits BELOW 8% then also u need not to get audit u/s 44AB if your income does;nt exceeds the income chargable to tax.......
agreed with Mr. Ankur Jain
yes,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,
NO audit is required , I agreed with ANKUR, but i requested to all my frnds those given his ans in yes, please frnd don't missguide any one. Because half knowledge is so dangerous.
no audit is required
No, There is no need to get the audit done if taxable income is below the max amt not chargeable to tax. Sec 44AD clearly states that tax audit is reqd only if income exceeds max amt not chargeable to tax
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