08 August 2012
An individual is maintaining regular books of accounts. His turnover for F.Y. 2011-12 is 56 lacs for retail business. The net profit is 3.20 lacs. This is well below 8 %. If the individual does not opt for provision U/s 44 AD for presumptive assessment, will he be required to get his accounts audited U/s 44AB even though his turnover is below 60 lacs ? Any suggestion ?
CAclubindia
