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??
5 Replies
CA CS Roshan Begrajka
(Chartered Accountants)
(267 Points)
Replied 12 July 2013
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.
CA ABHISHEK
(JOB)
(82 Points)
Replied 12 July 2013
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??
CA CS Roshan Begrajka
(Chartered Accountants)
(267 Points)
Replied 12 July 2013
not require to maintain books of accounts.
Pakshal Shah
(Practicing Chartered Accountant)
(271 Points)
Replied 12 July 2013
Will be required to maintain books of accounts and get them audited if profit is shown below 8%
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