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
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.
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 %)
19 July 2016
But no audit required u/s 44AB of Income Tax Act, 1961.
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