SECTION 44AA (Audit Reqired)

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....ECTION 44AA (Audit Reqired)<br> Query (Issue) Started By: - MAYUR DODIYA Dated:- 30-12-2013 Last Reply Date:- 3-1-2014 Income Tax<br>Got 5 Replies<br>Income Tax<br>DEAR EXPERT If we are maintaIn Books of Account as per Income Tax Act section 44AA and our Books profit Show less Than 8 percent can audit reqeired. (as per 44AB) pls advice thanks Reply By Shailesh Doshi: The Reply: You have not ....

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....specified as to whether you are covered u/s 44AD.. If you are excluded by virtue of Section 44AD then you need not get your accounts audited so long as you are not exceeding the limit prescribed u/s 44AB. You are required to get your accounts audited if (a) you claim that your profit from the eligible business is less than 8 percent and (b) your income exceeds thresold limit. Eligible assessee and....

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.... Eligible business are defined in Explanation to Section 44AD. Reply By MAYUR DODIYA: The Reply: Thank you for the reply sir . Sir we are traders and our profit not more than 8 percent and our F.Y.2012-13 Total turnover Less than 1 Cr and we are maintain all Books of Account as per section 44AA. in that the case can Audit Required.? Reply By Shailesh Doshi: The Reply: If you are showing ne....

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....t profit at a lesser percentage than stipulated and if your total income doesn't exceed taxable limit then you are not required to undergo tax audit u/s 44AB. Both the conditions are to be cumulatively satisfied. Reply By DEV KUMAR KOTHARI: The Reply: In case profit or gains computed under the head 'business' after considering all deductions and adjustments like depreciation, weighted deductions....

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...., S. 40.a.ia adjustments, S. 43B adjustments, etc. is less than prescribed percentage and assessee and the business is eligible, then audit is required. Reply By CA GOPALJI AGRAWAL: The Reply: Only partnerships firm having NIL or negative income in this case are not liable for tax audit.<br> Discussion Forum - Knowledge Sharing ....