If the total gross turnover of a firm is below 1 crore and the net profit is also less than 8%. whether tax audit should be under section 44AD. what is the criteria plz explain
1 Replies
CA. Kunal Lakhotia
(ACA)
(1006 Points)
Replied 18 September 2013
As per section 44AD(5), eligible assessee who claims his profits are lower than 8% of gross receipts & whose total income exceeds the basic exemption limit then assessee is reqd. to maintain books as per S. 44AA & also get his accounts audited as per S. 44AB
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