Tax audit under presumptive taxation u/s 44ad

Dear Professionals,

 
I have a query regarding applicability of tax audit under presumptive taxation (Section 44AD). 
 
One of my client is a businessman engaged in retail sales having a turnover of Rs. 80 Lacs & my profit from business is Rs. 2.60 Lacs. Please guide me whether he is liable for tax audit u/s 44AB.
 
Replies (3)

As your turnover is less than rs 1crore, u can opt for presumptive taxation under sec 44AD. so u can offer 8% of ur turnover i.e 6,40,000   or actual  net profit of rs 2,60,000,.but when u offer 2,60,000 and if ur liable to pay any tax.u are liable to tax audit under sec44AB   i.e if u offer less than 8% of ur gross turnover as business income and if such offered income exceeds maximum amount not chargeable to rax,u r liable to tax audit under sec 44AB

agreed wid above ans by Nuli Swami.....

Apart From Tax Audit U/S 44AB the assesse also Required to comply with S.44AA -Maintainence of books of accounts.  

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
ARTICLESHIP 25 October 2026
Article Intern (CA Articleship)

Arpan Bohra & Co

Hyderabad

CA Inter

View Details
Company
ARTICLESHIP 28 October 2026
Article assistants

Shyam S Gupta and Company

New Delhi

CA Inter

View Details
Company
ARTICLESHIP 22 October 2026
Articleship intern

Srinath Manikanta

Hyderabad

CA Inter

View Details
Company
ARTICLESHIP 20 October 2026
CA ARTICLE

AMKN & CO

Noida

CA Inter

View Details
Company
ARTICLESHIP 23 October 2026
CA Articleship / Article Assistant

M N Rao & Associates LLP

Vijayawada

CA Inter

View Details
Company
Featured ARTICLESHIP 28 October 2026
CA- Inter and Articles

N N V Satish & Co.,

Hyderabad

CA Inter

View Details
Company
23 October 2026
Sr. Accountant

SANKARAN & KRISHNAN

New Delhi

B.Com

View Details
Company
24 October 2026
CA Industrial Trainee

Fytomax Nutrition Private Limited

Aurangabad

CA Inter

View Details