Audit of a company under section 44ab
This query is : Resolved
19 July 2016
Whether a Public Company having a turnover of less than 1 Crores is required to get its accounts audited under section 44AB
CA SUNIL K GARG
(Expert)
19 July 2016
No audit required u/s 44AB of Income tax act, 1961 if turnover is less than Rs. one crore during the financial year 2015-16.
Amol S Joglekar
(Expert)
19 July 2016
No.
Under Companies Act, it needs to get its accounts audited.
(Even 44AD is NOT applicable to Company, so no question arises even if profit is shown below 8 %)
Under Companies Act, it needs to get its accounts audited.
(Even 44AD is NOT applicable to Company, so no question arises even if profit is shown below 8 %)
CA SUNIL K GARG
(Expert)
19 July 2016
But no audit required u/s 44AB of Income Tax Act, 1961.
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