Poonawalla fincorps
Poonawalla fincorps

Sec 44aa,ab,ad

This query is : Resolved 
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(Querist)
19 June 2014 If person maintaing books ofaccount as per Sec 44AA. And not follows 44AD if his profit is lower than 8%. should audit is applicable or not?
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
19 June 2014 if a person is covered under 44AD and his profit is less than 8% (with total income more than exempted limit) then audit is compulsory.
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Rupesh Jain

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Rupesh Jain (Expert)
20 June 2014 if his net profit is below 8% on gross sales/receipts then he hove to take audit report from CA.
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