Audit requirement for presumptive business taxation: audit mandated when declared profits are below deemed profits and taxable income exceeds exemption. The amendment requires an audit for assessees under section 44AD who claim profits lower than the deemed profits under the presumptive regime, where the taxpayer's income exceeds the maximum non-taxable amount; the audit obligation follows existing procedures for accountant-performed audits and prescribed audit report submission.
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Provisions expressly mentioned in the judgment/order text.
Audit requirement for presumptive business taxation: audit mandated when declared profits are below deemed profits and taxable income exceeds exemption.
The amendment requires an audit for assessees under section 44AD who claim profits lower than the deemed profits under the presumptive regime, where the taxpayer's income exceeds the maximum non-taxable amount; the audit obligation follows existing procedures for accountant-performed audits and prescribed audit report submission.
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