21 October 2014
My question is if any assessee's turnover does not exceed Rs.1 crore in the present previous year but exceeded Rs. 1 crore in the preceeding previous year when he had got his Tax Audit done u/s 44 AB(a), does the assessee need to get his Tax Audit done during this previous year?
Because Section 44AB reads as under: "Audit of accounts of certain persons carrying on business or profession”. Every person, -- (a) carrying on business shall, if his total sales, turnover or gross receipts, as the case may be, in business exceed or exceeds one crore rupees* in any previous year;
What is the implication of "any previous year"? Does it mean that if the turnover exceeds Rs. 1 crore during any previous year during the life of business then Tax Audit has to be done throughout the life of the business?
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