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Q. > Please Help: 44AD
whether every traders having turnover over rs20.00 lacs is required to get its book audited if he desired to np below 8% as i interpretate the section 44AD
further whether the audit u/s 44AD will be covered under the overall limit prescribed for section 44AB i.e. 45
answered Jun 08, 2011 by CA VIKAS JAIN , DELHI
Please clarify more, 2nd part of your query.
answered Jun 09, 2011 by CA VIKAS JAIN , DELHI
dear sanjay yes the audit required under sec 44AD 44AE, 44AF(now merge with 44AD), 44BB or 44BBB all are done in a manner as prescribed in sec 44AB. So the overall ceilling limit on CA of 45 tax audit in year will be applicable on these audit.
answered Jun 09, 2011 by CA VIKAS JAIN , DELHI
however the audit done under sec 142(2A) when direction given by AO to assessee to get his a/c audited by a chartered accountant nominated by chief commissioner, that audit will not covered under the limit of 45 tax audit in a year.
answered May 29, 2013 by Vikash Kumar Jha , Cuttack
Yes
Experts Panelist
Comments
CA VIKAS JAIN
02-Jun-2011 , 11:34:45 amDear sanjay under sec 44AD if trader want to declare net profit below the 8% of gross receipt then he will required to get his a/c audited as according to sec 44AB. The turnover limit prescribed under sec 44AD is 60 lacs and it is same as given u/s 44AB. So the books of a/c Should be Audited under two situation: First= Turnover is exceeds from RS 60 lakh then Sec 44AD will not applicable and books of a/c is required to be audited u/s 44AB. Second= Turnover is 60 lakh or below and trader wants to declare the net profit below the 8% of turnover, Then according to sec 44AD books of a/c should be audited.
CA Rajnish
03-Jun-2011 , 04:28:12 amyes sure it will be under limit of 45.
casanjayjuneja
09-Jun-2011 , 12:28:07 amhello sir there are a overall limit of 45 tax audit by a practicing ca u/s 44ab i wana to say whether audit u/s 44ad will be included in this overall limti of 45 tax audit or it will be out of this ambit as audit u/s 44af was earlier out of this overall limit of 45