Is it mandatory to do Tax Audit U/s. 44AB (F.Y. 12-13), if Turnover is below 1 Crore & Net Profit is also Below 8% (whereas Full Books of Accounts is maintained)
09 August 2013
As per Section 44AD read with Section 44AB an assessee whose turnover is less than Rs. 1 crore and who shows an income of less than 8% of his turnover is required to get his accounts audited.
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