07 November 2011
One of my assessees has annual turnover of Rs.38 Lakh in the year 2010-11.He wants to show his income u/s 44AD @ 5.5% i.e.Rs.209000.He has savings of Rs.50000.Hence his net taxable income is Rs.159000.Whether he is required to get his accounts audited u/s 44AB as per new provision.Pl suggest.
07 November 2011
But the twin condition for audit is not satisfied.as per my view the assessee need not go for audit if he shows income lower than 8% and his total income does not exceed the taxable limit.
07 November 2011
U r right Mr Bhabani but in any case the AO may demand books saying how u calculated ur NP at 5.5 % If u show NP at 8 % no such question will arise
CAclubindia
