If Turnover of an Individual is less than 1 Crore for Assessment year 2018-19 and If he does not opt for 44AD scheme and declares his Profits below 8%.
Then whether Audit is Mandatory?
Section 44AD is to provide a cover where tax payer has not prepared books of accounts. He can show profit below 8%, if he has prepared books of accounts.
Further even return can be filed under section 44AD if profit is not more than basic exemption limit and he does not have any other income. Basically total income should not cross basic exemption limit.
Sign up to discuss taxation, accounting and finance topics with experts from all over India.Join Discussion