liability of audit u/s 44ab
This query is : Resolved
Hiren Solanki
(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 ....
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 ....
CA R SEETHARAMAN
(Expert)
11 May 2015
Not liable for tax audit u/s 44AB. Reason being net profit below the taxable limit.
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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