from last five years a firm was audited because of firms accounts showing below 8% profit
Now he has 40 lakhs sales , therefore 3 20 000 income will be good to declare ,
1)can I go for 44AD directly ?
2) if next year again can I go for audit if profit is less than 8% ?
1)can I go for 44AD directly ?
- Yes... If Your business (& Assessee) is eligible u/s 44ad.
2) if next year again can I go for audit if profit is less than 8% ?
- Yes... If You will less than 8%/6% then audit is applicable as per sec 44AD(5).
Also audit applicable if You are opt out from sec 44ad less than 5years...
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