18 November 2013
Tax Audit u/s 44AB is required if Gross Turnover of the business of the year exceeds Rs. 1 crore or in case of profession if gross receipts exceeds Rs. 25 lacs during the year
19 November 2013
Turnover is less than 1crore but we are not showing profit according Sec 44ad 8% of turnover in this case tax audit required or not????
19 November 2013
Tax Audit is required only when turnover exceeds Rs. 1 crore. If turnover is below the tax audit limit we can prepare books of account and then calculate our profit and assess our income or we can opt for 44AD if applicable. If we opt 44AD we have to declare profit of minimum 8%
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