Tax audit

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SANAKHURSHEED

SANAKHURSHEED (Querist)
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25 September 2014 I am confused about audit under 44ab & 44ab please explain the %of profit and the limit of turnover

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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25 September 2014 One of the above will be 44AD.

U/s 4AD 8% of the total turnover or gross receipts of the assessee on account of such business or any higher amount voluntarily declared by him shall be deemed to be his income chargeable to tax.

44AB turnover criteria Rs 100 Lacs.