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Section 44 AD

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Querist : Anonymous (Querist)
11 July 2011 Please clarify that small business assesses whose turnover is below 60lac and whose net profit is also below 8 % of turnover. Is it compulsory to maintain books of accounts and get accounts audited u/s 44 AB or 44AA
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Guest (Expert)
11 July 2011
Yes it is compulsory to maintain books of accounts & also to get the same Audited
IF, Assessee opts to show N.P below 8 % of the Turnover.

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