Comment on Taxation Simplified

Nithin Kamath commented on 27 Feb 2014, 10:15 PM

S,

Until a couple of years back, audit was required only if turnover was more than 1crore, but there was a small change in section 44AD, because of which many people have been receiving notices. What this says is that if turnover is less than 1 crore and gross profit less than 8% of turnover, you will need to have the books audited. Hence I suggested you to declare a profit of 8% and file, that way you will not need an audit.

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