05 December 2012
sir, U/S 44AD IF assessee's turnover is less than 1 crore and he claim his income lower than 8% then he has to get his accounts audited u/s 44AB
sir now my question is: is that audit u/s 44AB included in 45 tax audit limit of a chartered accountant ??
05 December 2012
but sir it is clearly mentioned u/s 44AB that every person carrying on business shall, if his total sales, turnover or gross receipts , as the case may be , in business exceed or exceeds 1 crore rupee.. and u/s 44AD an assessee always has turover less than rs 1 crore..??
05 December 2012
Audit u/s 44AD will not be counted for the limit of 45 audits. Courtesy :- 5th para of clause 6.0 of Council Guidelines No.1-CA(7)/02/2008, dated 8th August,2008.
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