44ab audit
This query is : Resolved
18 June 2018
Turnover below 2 cortes net profit below 8%books of accounts maintained. Kindly clarify,whether 44ab audit applicable
If so applicable what is the time limit.and the procedures applicable for the same.kindly clarify the same.
With regards
Ca.p.shangar
If so applicable what is the time limit.and the procedures applicable for the same.kindly clarify the same.
With regards
Ca.p.shangar
Ashiwini Ballodia
(Expert)
18 June 2018
If your income exceeds basic exemption limit than liable for audit
If audited than 30th Sept 18 otherwise 31st July 18
19 June 2018
Yes... Tax Audit applicable...
The 2cr limit is only u/s 44ad...
As per sec 44AB tax Audit applicable if T/O Rs. 1cr...
Message likes :
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Nikhil Kaushik
(Expert)
19 June 2018
very important to understand this, once the turnover exceeds Rs 1 cr and you are not going for presumptive taxation, audit will be applicable regardless of profit/loss position
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