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Applicability of Section 44AB

25 July 2017

my income from business is less than 1 crores & I don't want to opt for Section 44AD. Is section 44AB applicable to me.As per Vinod Gupta books it 's not applicable . please clarify

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4 Replies

Sudiesh (Audit Assistant) (527 Points)
Replied 25 July 2017

Any clause of section 44AB is not applicable in this case.So you don't need to Audit your Accounts.

GST Consultant (Tax Consultant) (894 Points)
Replied 25 July 2017

agreed with Mr. Sudiesh

RAJA P M ("Do the Right Thing...!!!") (127351 Points)
Replied 25 July 2017

Yes... I agreed to Mr Sudiesh.,
You don't need to Audit your accounts. But, You keep and maintain your books of accounts as per submission....

Dileepa KM (Article) (44 Points)
Replied 25 July 2017

For the tax audit to be applicable, both the conditions are to be satisfied that Income less than 8% and net income more than minimum amount chargeable to tax.

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