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Q. > Please Help: regarding 44 AD
Whether the manufacturing firms whose sale is below 60 lacs and there profit is below 8% are liable to audit u/s 44 AB
2 Answers
answered Sep 11, 2011 by Ashish Karundia , New Delhi
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.
answered Mar 07, 2012 by Ketan Samdani , V V Nagar
Yes such manufacturer will be liable for audit.
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