Applicbility of Sec. 44B
This query is : Resolved
Nilesh Jain
(Querist)
20 June 2008
An assessee has 2 propritory concern. Turnover of First concern is 3000000/- and from second is 1500000/-. Whether tax audit is applicable?
Sakshi Gumbar
(Expert)
20 June 2008
Firstly the section for tax audit is 44AB
Yes tax audit is required because sec 44AB states "any person whose total turnover exceeds 40Lacs"..
This means 44AB applies to any person and not any business
Yes tax audit is required because sec 44AB states "any person whose total turnover exceeds 40Lacs"..
This means 44AB applies to any person and not any business
24 June 2008
Yes. Ms Sakshi is absolutely correct
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