Nitesh Painter (Service) (78 Points)
26 June 2011IS IT COMPULSORY TO GET TAX AUDIT U/S 44AB IN CASE OF ASSESEE BEING INDIVIDUAL FALLING U/S 44AD HAVING INCOME BELOW 8% EVENIF HIS INCOME IS BELOW THE BASIC EXEMPTION LIMIT?
THANX IN ADVANCE
CA. ANKUR JAIN
(CA.....)
(2800 Points)
Replied 26 June 2011
vipul patel
(Ahmedabad)
(320 Points)
Replied 27 June 2011
yes,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,
Kamal Sharma
(CA-Final)
(24 Points)
Replied 27 June 2011
NO audit is required , I agreed with ANKUR, but i requested to all my frnds those given his ans in yes, please frnd don't missguide any one. Because half knowledge is so dangerous.
CA Adesh Gupta
(Finance Manager)
(160 Points)
Replied 04 July 2011
No, There is no need to get the audit done if taxable income is below the max amt not chargeable to tax. Sec 44AD clearly states that tax audit is reqd only if income exceeds max amt not chargeable to tax
CAclubindia
