Whether audit is required or not u/s 44ad?
T/O RS. 35 LAKH. IF PROFIT @ 5% 1.75 LAKH. WHETHER AUDIT IS REQUIRED OR NOT AS PROFIT IS BELOW THE BASIC EXEMPTION LIMIT FOR FY 13-14. whether books of a/c is required to be maintained as profit is 5%.
Thanks in advance.
Waiting for ur opinion.
Replies (4)
yes...Tax Audit is required as income is less than 8%
Tax audit
tax audit income slab
for business income=Rs.1crore
for professional income=Rs.25lakhs
your query is not clear whether the income is by way of business or profession. Assuming your income is business income, the tax audit is not applicable as it did not exceed Rs.1crore.
Maintaining books
Books of accounts need to be maintained u/s44AA where the income(profit) by way of business or profession exceed Rs.1,20,000 or where the turnover exceeds Rs.10,00,000.
In your case, the above condition is fulfilled and you need to maintain proper books of accounts.
YES DEAR,
THE ASSESSEE IS LIABLE FOR TAX AUDIT U/SEC 44 AD AS THE PROFIT DECLARED IS LESS THAN 8% THE PRESCRIBED % IN CASE OF PRESUMPTIVE TAXATION.
Thank You
But profit is below the exemption limit, then i think not liable to audit.
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