19 October 2013
Tax Audit is mandatory if the turnover exceeds the prescribed limit 1 crore for the A.Y 13-14.. However,if the turnover is less than the limit then profit have to show at least 8 percent or higher under Sec 44AD...
If the assessee wants to show profit less than 8 percent then it can be done thru Sec 44AB i.e Tax Audit...
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