Tax audit of accounts u/s-44ab

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

13 September 2016 I want to know whether an assessee have to tax audit u/s-44ab of his business accounts in the following circustances:
1. Turnover yearly Rs.9900210.00. But want to show net profit 5.42% of total turnover. Assessee maintain all the books of accounts properly.
2. If assessee have two business to reach total turnover over 1 crore in a year.

Amol S Joglekar

Amol S Joglekar (Expert)
Follow

13 September 2016 01. Yes, tax audit is required to be done.
02. Yes. The turnover of both the businesses shall be aggregated to find out the limit of 1 crore.

Message likes : 1 times

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok