in first year of business.
turnover = 80lacs
actual profit h 400000
whether it can be possible to declare actual profit which is less than 8%(44AD) WITHOUT AUDIT?
Because 44AD SAYS IS WE ONCE ADOPT 44Ad and subsequent year we declare profit less than 8% than audit is compulsory under 44AB
reply in regard of first year of business
No more provisions business for 1st Year...
So, Sec 44ad says declare 6%** or 8%. otherwise if declare less than value then audit applicable
CAclubindia
