CCI Online Learning
What do you want to learn today?
     
CIBIL

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

44 AB Audit

This query is : Resolved 

I have a small business. Turnover is 15 lacs. Net profit is less than 8% and below basic exemption limit. I don't want to disclose income as per section 44AD. I have no other income.

It says in the section that in case of an individual, 44AB is applicable if total taxable income is above the basic exemption limit. However, my teachers are of the opinion that i need to get the books audited.

I'm i required to get the books audited???

Please drop a reply


Not required as your income is below basic exemption.

No, tax audit wont be applicable.

ok..thanks for the replies.
But, suppose my turnover was, say 80 lacs and the business is on loss. So, obviously, since it is a loss, the total taxable income is below the exemption limit. So, in that case too, i need not give my books for tax audit? Please give a reply for this too..

No tax audit will be applicable.

Tax Audit wont be applicable in either case. Though books have to be maintained compulsorily.

in first scenario no need for audit but in second audit is required

Sorry not required in both cases.


You need to be the querist or approved CAclub expert to take part in this query .


Click here to login now



Similar Resolved Queries :





Trending Tags
law
epfo
custom
audit
epf
career
newgstreturn
gstr 3b
companies act 2013
students
tds
traces
icai
gst
Others
eway bill
ca students
pm cares fund
cag
itr
income tax
itc
tin nsdl
ca
close
GST Live Class