Sec 44 ab and sec 44 ad (urgent please)

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

Thanks


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

CA VISHNU GAVKARE (Expert) 24 April 2013

Agree with Vikas



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