Applicability of sec.44ab
This query is : Resolved
Gurpreet singh
(Querist)
01 September 2015
An individual assessee having T/O of Rs. 90,00,000 disclosing profit of Rs. 3,00,000 is lable to tax audit or not u/s 44AB, if yes plz elaboarate within the context of law....
HUZAIFA HUSSAIN
(Expert)
01 September 2015
Liable to tax audit since declared profit is less than 8%. Refer provisions of section44AD
CA SANDESH MAHIPAL
(Expert)
01 September 2015
Yes he is liable to tax audit. Although turnover is less than 1 crore but profit is lower than 8% of turnover, so bound to get his accounts audited.
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