CA Devesh Thakur (CA ) (303 Points)
04 July 2014I have some doubt regarding audit under section 44AD if assessee is showing his income lower than 8%. My client is having loss under his professional business which states that he is showing income lower than 8%. Besides that income he is having income from other source which is more than the income not chargeable to Income Tax.
Kindly guide me whether he is required to get his accounts audited or not??
subhash kumar jha
(PROFESSION)
(445 Points)
Replied 05 July 2014
According to section 44AD if normal income of assessee is less than 8% of turnover then he will definitely opt for normal provision rather than going to PTS and in this case assesee need to get his account audited ( Turnover is more that crore)
Tribhuvan Aditya Singh
(Student as well as Self-employed)
(3710 Points)
Replied 05 July 2014
Tribhuvan Aditya Singh
(Student as well as Self-employed)
(3710 Points)
Replied 05 July 2014
CAclubindia
