44 ab
This query is : Resolved
23 September 2013
Is a assessee having Turnover Rs 74 lakhs and having business loss of Rs 3000 comes under section 44AB ? What if he have 5000 Rs profit on business from same turnover ?
CA Pallav Singhania
(Expert)
23 September 2013
Under the existing provisions of section 44AB, every person carrying on business is required to get his accounts audited if the total sales, turnover or gross receipts in the previous year exceed 100 lakhs rupees.
Similarly, a person carrying on a profession is required to get his accounts audited if the total sales, turnover or gross receipts in the previous year exceed 25 lakh rupees.
Similarly, a person carrying on a profession is required to get his accounts audited if the total sales, turnover or gross receipts in the previous year exceed 25 lakh rupees.
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