Dear Fellows,
Is it compulsory to opt section 44AD/44ADA if turnover/ gross receipts is within limit(ie 2cr/50lakhs) by declaring 8℅/50℅ profit.
or if books of accounts maintain and declaring less than 8℅ profit then is it attracts audit?
Menu
Related to opting of section 44AD Presumptive Income
Replies (1)
There are 2 main conditions which both has to be considered together for audit :
1. Your profit is below 8% / 6% of turnover, and
2. Your income is chargeable to tax.
If both conditions are satisified then it is mandatory to get tax audit.
Recent Topics :
- Practical queries on buy back of shares
- Any faculty recommendations for latest batch recor
- FAI & FAST-DS 2026 query
- Is GST registration mandatory in this case
- Buying a residential flat in Goa: should my wife b
- Income tax filling
- Applicability of RCM in the case of import of serv
- Confusion in gst registration for service category
- Itc claimed from return defaulters
- Gst input credit
Related Topics :
CAclubindia
