Whether tax audit required

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

18 September 2013 I am an individual. My turnover for the P.Y. 2012-13 is Rs 40L. Whether I will have to get my books audited u/s 44AD if I declare my income less than 8%.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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18 September 2013 If u have business income from commission or brokerage then u will not be allowed to use sec 44AD else u will be allowed and if u declare 8% income then no need to get ur books audited.

CA Mohit Bansal

CA Mohit Bansal (Expert)
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18 September 2013 If you declare income below 8% of the T.O.,you will be required to get your books of accounts audited by Chartered Acountant only if your taxable income is above exemption limit for that A.Y.

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Ashwani Narnoli

Ashwani Narnoli (Expert)
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18 September 2013 agree with CA Mohit

Querist : Anonymous

Querist : Anonymous (Querist)

19 September 2013 Thanks for the replies. What if I have salary income of Rs 2 Lakhs and after adding this salary income my income exceeds exemption limit. Whether I will have to get my books audited.

CA Mohit Bansal

CA Mohit Bansal (Expert)
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20 September 2013 yes. your books of accounts need to get audited if you show below 8% income u/s 44 AD. Proviso to section 44 AD contains only "taxable income" and not business income, hence even your taxable income includes salary income you need to get your books of accounts audited from a Chartered Accountant.