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?
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.
CAclubindia
