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44ab audit

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(Querist)
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
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Ashiwini Ballodia

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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
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RAJA P M

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RAJA P M (Expert)
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...
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Nikhil Kaushik

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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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