Sec.44AD and audit U/s 44AB

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....ec.44AD and audit U/s 44AB<br> Query (Issue) Started By: - HIMANSHU JARIWALA Dated:- 24-5-2011 Last Reply Date:- 24-5-2011 Income Tax<br>Got 1 Reply<br>Income Tax<br>Dear All Please calrify following....

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.... issue Mr. A is Manufacturer or trader or any bussiness other then plying of goods vehical . His T.O for the Year ended 31/03/2011 comes to Rs.45 Lacs. Only because his T.O. is bellow Rs. 60 Lacs Sec....

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....tion 44AD is applicable? If his net profit is below 8% of his T.O. of Rs. 45 Lacs, he required to get his accouts audited by CA? Is Section 44AD is optional or mendatory? Please reply. regards Repl....

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....y By CA Rachit Agarwal: The Reply: 1. 44AD is optional only in case where the audit is carried out by CA. It is mandatory if the assessee TO less than Rs. 60 lacs and assessee do no wish to get his a....

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....ccounts audited.<br> Discussion Forum - Knowledge Sharing ....