Books of accounts are maintained but is audit u/s. 44ab of it act necessary? if
Ramesh Rathi (Proprietor) (49 Points)
28 July 2016Ramesh Rathi (Proprietor) (49 Points)
28 July 2016
Thirumalai Kumar
(Practicing Cost Accountant)
(213 Points)
Replied 28 July 2016
Thirumalai Kumar
(Practicing Cost Accountant)
(213 Points)
Replied 28 July 2016
CMA Poornima Madhava
(CMA)
(13112 Points)
Replied 28 July 2016
Having opted for 44AD, if you declare lower income (than 8% of turnover), you need to:
provided the income exceeds exemption limit. But in case of firm, there is no exemption limit. Hence I think 44AB is attracted.