Please Help: regarding 44 AD
Posted Date : 11-Sep-2011 , 02:36:42 pm | Posted By: Anil Gupta
Category :
Income Tax | Answers :
2|
Comments :
0| Hits: 404
|
|
Whether the manufacturing firms whose sale is below 60 lacs and there profit is below 8% are liable to audit u/s 44 AB |
 |
|
|
Answers:
|
 Answer by: Ashish Karundia |
| Dear Anil,
An assessee carrying on manufacturing business will be liable to get his accounts audited u/s 44AB if he claims his profits to be below 8% even if his turnover/gross receipts during the previous year does not exceed Rs. 60 lakhs. [ Please refer Section 44AD(5) of the Income Tax Act, 1961].
Hope the above answers your query.
|
| Answer by: Ketan Samdani |
| Yes such manufacturer will be liable for audit.
|
|
|
|
|
|
|
