Audit for small busniess with turnover of <60lakh

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

17 May 2011 I am a retail trader my turnover for the financial year 2010-11 is Rs. 35 lacs but my income is rs. 245000/- (7%). whether my business is covered u/s 44AD or not?
Whether i am required to get my accounts audited. Please send all details.

CA Navin Jain

CA Navin Jain (Expert)
Follow

17 May 2011 https://www.caclubindia.com/forum/recent-developments-in-presumptive-taxation-144134.asp

CA Devanshi Gandhi (Ajani)

CA Devanshi Gandhi (Ajani) (Expert)
Follow

17 May 2011 if u wish to apply this section then u need to pay tax @ 8% n without audit, n if u wish to show profit @ 7% than books of account need to be audited

Upgrade to CAclubindia Pro. Subscribe Now!