Please guide me ……
If an assessee engaged in the business of Gaments trading and having a gross annual turnover of Rs. 54 lacs and wants to show profit of Rs.1.42 lacs, is it compulsory for him to get the tax audit done? The assessee has no other income .
I am confused about undermentioned paragraph .
As per section 44AD(5) if his total income exceeds basic exemption limit then he will have to maintain books of accounts as prescribed u/s 44AA(2) and also get his books of accounts audited u/s 44AB.
The books of accounts will be required to be maintained and audited u/s 44AA(2) and 44AB respectively, only if both the conditions i.e declaring of income lower than 8% and exceeding of income above exempted limit, get fulfilled.
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