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Inquiry about section 44ad & 44ab

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(Querist)
04 August 2011 What is the meaning of Section 44AD & 44AB ?
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MAHENDRA KUMAR BAGRECHA

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MAHENDRA KUMAR BAGRECHA (Expert)
04 August 2011 If turnover of eligible business is less than Rs.60Lacs then Section 44AD will applicable otherwise section 44AB (tax audit) will applicable
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CA Ashwani Agarwal

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CA Ashwani Agarwal (Expert)
04 August 2011 44AD will apply to businesses only if you show profit of more than 8% of turnover and turnover is below 60 lakhs.

Otherwise 44ab will apply.
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