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liability of audit u/s 44ab

This query is : Resolved 
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(Querist)
11 May 2015
turn over is 41,00,000 and gross profit is 3,42,000 and net profit is 1,96,000 {less then 8%) in this case
is it liable to do audit u/s.44ab ?

pls. answer ....
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
11 May 2015 Not liable for tax audit u/s 44AB. Reason being net profit below the taxable limit.
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CS Advocate Abhishek Goyal

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CS Advocate Abhishek Goyal (Expert)
11 May 2015 To be liable for tax audit u/s 44AB both conditions must be fulfilled simultaneously that is net profit declared less than 8% and total income exceeding taxable limit so not liable.
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