27 February 2014
The individual is having 99 lacs turnover and is showing profit of 2% so his total income is 198000. There is no other income of individual. My question is whether he is required to maintain books of account if he files return u/s 44AD? Whether audit of the proprietory firm is to be done?
27 February 2014
in my opinion this is not an audiable case, as his net income is less than basic exemption limit i.e.Rs.2 lacs. He is required to maintain books of account as his income is >120000 or turnover is >10lacs (S-44AA)
CAclubindia
