Dear Colleageus,
An assesse is having turnover below Rs.1 crore. He is maintaining books of account. His actual Net Profit is likely to be below 8% and he even expects a loss due to valid factors.
Now My question is can he file return without giving audit report u/s 44AD. That is whether sec .44 AD is mandatory or optional .
Sec. 44AB says if an assesse whose turnover is beyond 1crore he has to get his account audited. Now if one says that Sec 44 AD is mandatory then turnover limit sepcified in Sec 44 AB becomes redundant is it not?
In otherwords only when I opt for Sec 44AD then I can admit 8% profit or attach aduit report if it is lesser than that. If I can prove my real profit is less thatn 8% then I need not give audit report. Is that correct?
Please answer.
CAclubindia
