17 June 2013
The e-filing of audit report under section 44AB has been made mandatory from A.Y. 2013-14 Will audit report under section 44AD be required to be filed electronically since, section 44AD (5) states that an audit report for an audit conducted under section 44AD will be furnished as required under section 44AB?
Also, please tell me the required format for audit report under section 44AD?
17 June 2013
The following persons are required to get their accounts compulsorily audited:
1. Person carrying on business if his total sales, turnover or gross receipts exceeds Rs.60 lacs in the previous year relevant to the assessment year;
2. Person carrying on profession, if his gross receipts in profession exceeds Rs.15 lacs in the previous year relevant to the assessment year;
3. Person covered under section 44AE, 44BB or 44BBB, if such person claims that the profits from the business is lower than the profits computed under these sections;
4. Person covered under section 44AD, if such person claims that the profits from the business is lower than the profits computed under this section and his income exceeds the maximum amount not chargeable to tax.
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