21 June 2013
any trading business having turnover rs. not exceeds Rs. 100 lacs and you declare proft@ 8% then no audit required u/s 44AB
if you have declare 8% then required audit U/s 44AB.
if your turn over exceeds rs. 100 lacs then you have to audit u/s 44AB ( profit % no matter) if you income is or over rs. 120000/- or turnover Rs. 10.00 lcas then you have to maintain books of account specified U/s 44AA