19 March 2018
In case of a proprietorship Steel trading concerm, where turnover is Rs.75 lacs, and profit around 50000, is it compulsory to get audit done u/s 44 (otherwise 8% profit to be surrendered). Also, is there a rule to declare 50% as income in case of professional reciept ?
19 March 2018
1 yes tax audit under section 44AB applicable if you declare less than 8% profit. 2 yes 44ADA applicable for professional to declare 50% profit
CAclubindia
