If an assessee is maintaining books of accounts with turnover of INR 25 lacs and net profit of INR 75,000.00, does audit u/s 44AB applies??
If an assessee is maintaining books of accounts with turnover of INR 25 lacs and net profit of INR 75,000.00, does audit u/s 44AB applies??
Compulsory Audit u/s 44AB is applies only when turnover exceeds 1 crore in case of trading bussiness/Gross receipts 30 lacs in case of service provider.
Now, if the turnover is more than 40lacs & wants to avail benefit of Section 44AD & income exceeding exemption limit i.e 8% of Rs.40 lacs which is Rs. 320000.00.Does he require to maintain books??
not require to maintain books of accounts.
In case of service provider limit is 25lacs.
CAclubindia
