06 August 2011
If u/s 44AD, the total income( irrespective of turnover) of an eligible assesse is less than exemption limit then he need not to maintain books of A/C & make his A/C Audited as per law...Is it Right?? if Yes, then every Assesse who covered u/s 44AD try 2 show his income less than exemption limit so as not to maintain books of a/c & make his a/c audited even though his income is less than 8% on gross turnover..
06 August 2011
If u/s 44AD, the total income( irrespective of turnover) of an eligible assesse is less than exemption limit then he need not to maintain books of A/C & make his A/C Audited as per law...Is it Right?? if Yes, then every Assesse who covered u/s 44AD try 2 show his income less than exemption limit so as not to maintain books of a/c & make his a/c audited even though his income is less than 8% on gross turnover..
06 August 2011
1. If the turnover is above 60 lakhs, then 44AD is not applicable, 44AB is applicable.
2. If it is below 60 lakhs and you are showing profit below taxable limit, then you are not required to get it AUDITED. But you are required to maintain books of accounts.
Books are not to be maintained only in a case where you are showing your net profit more than 8%.
In every case, having NP less than 8%, books are needed.
Audited is needed only when profit less than 8% and income more than taxable limit.
06 August 2011
sir but in law for both books of a/c & audit same line is written that "books & audit are needed only if total income exceeds exemption limit
07 August 2011
but in sec 44AD it is written tht books of a/c has to b maintained as per sec 44AA only if total income exceeds exemption limit..i think there is a contradiction b/w these 2 sections..
CAclubindia
