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Sec 44 ab and sec 44 ad (urgent please) (Income Tax)

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This query is : Resolved

( Querist )
22 April 2013

Dear Sir

If the 8% of Gross receipts is more than 1 Crore then whether the assessee is required to do Tax Audit U/S 44AB


CA Vikas Acharya

( Expert )
22 April 2013

when gross receipts exceeds 1 crore, then why to check this 8% limit, already became liable for tax audit.
8% is required to be check when the receipts is less than 1 crore and audit is not required, in that case presumptive basis income must be more than 8%

naga raju

( Querist )
22 April 2013

ya you are right

thank u


( Expert )
24 April 2013

Agree with Vikas



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