Audit of a company
This query is : Resolved
18 August 2014
Is a pvt ltd company compulsorily required to get its books audited u/s 44 AB even if its turnover is below Rs. 1crore. I mean, is section 44AB is applicable to limited companies also ? plz consider section 44AD also while answering.
Vivek Hebbar
(Expert)
20 August 2014
A private limited company needs to get its accounts audited under the Companies Act irrespective of the turnover. However, for tax audit i.e. audit under section 44AB of the Income Tax Act, it is required to cross the turnover limit. Section 44AD is not applicable to companies.
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