My turover during the Financila Year 2012-13 is 90 lac and have maintain accounts as per Section 44A of the Income Tax Act and net profit comes out to be 5%.
My query is since my turnover is less than 1 crore and maintain proper books of account. Whether I have to get my books of account audited from a CA since my profit comes out be be at 5% i.e less than 8% as specified in section 44AD.
In this case whether Sec 44AB or Section 44AD will be applicable. As sec 44As says
"Notwithstanding anything contained in the foregoing provisions of this section, an eligible assessee who claims that his profits and gains from the eligible business are lower than the profits and gains specified in sub-section (1) and whose total income exceeds the maximum amount which is not chargeable to income-tax, shall be required to keep and maintain such books of account and other documents as required under sub-section (2) of section 44AA and get them audited and furnish a report of such audit as required under section 44AB."
29 August 2013
Section 44AD(5) read with Section 44AB shall be applicable and the assessee is required to get his accounts audited if he shows a profit less than 8% AND his total income exceeds the exemption limit.
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