Tax audit u/s 44ab

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

05 March 2015 Sir,

Previously my turnover was above Rs. crore and was subject to tax audit. This year my turnover is 45 lac. Whether I will have to tax audit report or not. Explain with provision of Act
Regards

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
Follow

05 March 2015 for fy 14-15 your turnover is 45 lakhs assuming to be business entity as per sec 44AB no tax audit is applicable as the limit is 1 crore.

Querist : Anonymous

Querist : Anonymous (Querist)

07 September 2015 Also refer to Section 44AD. If the profit from business is less 8% of turnover, Tax Audit will have to be done