clear me the sec. 44ad about the exemption limit if a person has an Turnover rs. 16 lakh and profit is rs.1.20 lakh whether he is required to audit or he can represent his income 1.20 in ITR
3 Replies
CA ADITYA SHARMA
(CA IN PRACTICE )
(16719 Points)
Replied 29 July 2011
as nett profit is less than 8% audit is must
M. N. JHA
(CA)
(8316 Points)
Replied 29 July 2011
Turnover is rs. 16 Lacs so profit @ 8% should be 1.28 lacs. . . . So u may relax after showing profit of 1.28 lacs. . . . . . . . . . . . . OR if ur total income is less then 1.60 lacs(1.90 lacs for women and 2.40 lacs for seniour citizens) then no Audit is required. . . . . . . . . . .
nikhil kulkarni
(a)
(25 Points)
Replied 24 October 2011
section 44AD is not compulsory in nature, it is voluntary, if turnover is below 60 lakhs and net profit is below 8% of turnover and if books of accounts are maintened then NO AUDIT REQUIRED, as per my view
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