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Tax audit

CA MANIK KUMAR (Manager ) (710 Points)

30 November 2011

IF TAX AUDIT IS DONE U/S 44AD THEN IN THE REPORT WHAT IS TO BE MENTIONED EITHER 44AB OR 44AD?

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5 Replies

CA VISHAL RANA,CS,B.Com,AMFI (Chartered Accountant in Whole Time Practice) (4354 Points)
Replied 30 November 2011

manik tax audit required in case assessee declared income less than 8% of value of gross reciepts...tax audit not required in case assesse declared income as per provisions of sec 44AD

CA MANIK KUMAR (Manager ) (710 Points)
Replied 30 November 2011

so it will be written? 44ab?

CA VISHAL RANA,CS,B.Com,AMFI (Chartered Accountant in Whole Time Practice) (4354 Points)
Replied 30 November 2011

manik i already said tax audit not required...so question of write 44AB never arisee

CA MANIK KUMAR (Manager ) (710 Points)
Replied 30 November 2011

sir assess ne profit 8% se kam show ki ya

hai iska matlab use audit karbana padega so ab audit u/s 44ab hoga ?

CA VISHAL RANA,CS,B.Com,AMFI (Chartered Accountant in Whole Time Practice) (4354 Points)
Replied 01 December 2011

If assessse show profit less than 8% of gross receipts then he is required to furnish tax audit report u/s 44AB...another condition is that tax audit required if gross turnover exceeds 60 lac...or gross reciepts exceeds 15 lac.