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44ab

This query is : Resolved 
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(Querist)
07 March 2015 Hi,

Is it necessary to file tax audit report u/s 44AB even if the turnover is below Rs. 1 crore and profit is less than 8% of turnover for an induvidual?
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CS Advocate Abhishek Goyal

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CS Advocate Abhishek Goyal (Expert)
09 March 2015 Tax audit u/s 44AB will be necessary if twin conditions i.e. profit less than 8% and his total income exceeds the income not chargeable to tax.
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