17 July 2011
One of my client having turnover of Rs. 50.00 Lacs & showing the net profit of Rs.2.50 Lacs for the A.Y.2011-12.Prop. having no any other income. Asssesse showing gross total income of Rs.2.50 Lacs & taxable income of Rs.1.55 Lacs. In this case assessee require the audit u\s 44AD or not.
17 July 2011
If your GROSS TOTAL INCOME is 2.5 lacs and after deductions your TOTAL INCOME is below taxable limit then you are not required to get your accounts audited. Because section 44AD uses the word Total Income and not GTI.
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