44ab

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

12 December 2012 If a business or profession is once covered under 44AB audit, is it compulsory for it to get its accounts audited even if its turnover is below the specified limit?

Gajendra R. Tiwari

Gajendra R. Tiwari (Expert)
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12 December 2012 No its not necessary.

Aditya Agarwal

Aditya Agarwal (Expert)
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12 December 2012 No its only applicable, when it crosses the prescribed limit.....it has no continous effect

Sanket

Sanket (Expert)
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12 December 2012 In order to reduce the compliance burden on small businesses and on, total sales, turnover or gross receipts, specified under section 44AB for getting accounts audited, from sixty lakh rupees to one crore rupees in the case of persons carrying on business….

If the limit has not crossed then No need to account to be audited.