29 June 2011
Is it mandatory to get the accounts audited if income is less than 8% even though books of accounts are maintained by an eligible unit & whose turnover is between 60 lacs and 10 lacs? Whether section 44AD is applicable to manufacturing unit (individual) or to Job worker (individual) if his total turnover exeeds 10 lacs and less than 60 lacks in the above case.
29 June 2011
44AD is very much clear that a) Your turnover is less than 60 lacs b) Your profit is less than 8% If both the conditions are fulfilled you have to get your accounts audited.
In case your turnover is above 60 lacs then you are falling u/s 44AB and all limits of section 44AD are not applicable and compulsorily you have to get your accounts audited.
29 June 2011
I think you wanted to say 6-10 lacs instead of 6 lacs....Section 44 AD says that you need to get tax audit if income is less than 8%, turnover less than 60 lacs and no books of accounts are maintained. Since you are already maintaining the books of account, I dont think there is a need to get tax audit done u/s 44AD
if your income is more than the income not chargeable to tax, then you have to get your accounts audited. even if you have maintained books of accounts.
manufacturer and jobworker also covered u/s. 44AD.
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