Can someone explain section 44AB of Tax audit along with sub section 4 & 5 of Sec 44AD.
My turnover is 95 lakhs and my profit is 1,90,000 as per by books. Do i need to go for Tax audit. Since my turnover is less than 1 crore is it necessary?
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Tax audit
Replies (3)
You need to get your accounts audited
As per section 44Ad if your turnover is less than 2 cr then u have to declare minimum of 8% of your turnover as profit. If you disclose it less than the above mentioned percentage in such case you need to get the books audited. In give scenario you are disclosing profit less than 8% ,hence you need to maintain and as well as get your book audited as per section 44AB even though your turnover is less than 1cr. Further if your transaction are in digital mode 8% will be replaced by 6%.
Yes you need to get the books audited...because the profit shown is less than 8%
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