Audit u/s 44ab

This query is : Resolved

CA Prabhat Kumar Makhija (Querist)
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27 August 2013 Suppose if a CA conducting a company audit as per Co. Act, prepare audit report in form 3CA and shows profit below 8%.
Should he also have to conduct tax audit u/s 44AB?

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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27 August 2013 Tax audit will apply when the turnover limit is exceeds as per limit u/s.44AB or assessee declares the profit under sec.44AD below the 8% or loss. if these case, statutory auditor can also do the tax audit u/s.44AB

CA Prabhat Kumar Makhija

CA Prabhat Kumar Makhija (Querist)
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28 August 2013 But sir considering one more point that 44AD is not applicable on company.
So, now can we show profit below 8% assuming that assessee has turnover below 1cr. or 25laks whichever is applicable?

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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28 August 2013 such as cash Tax audit u/s.44AB will not apply

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