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Audit u/s 44ab is required?

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(Querist)
28 November 2014 Gross Receipts of Agricultural Market Committee is above Rs.85 lacks Whether audit U/s 44AB of Income Tax Dept. is applicable to this unit?
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
28 November 2014 It comes under business, hence threshold limit is Rs. 1 crore. sec.44AB wont apply
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Rupesh Jain

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Rupesh Jain (Expert)
29 November 2014 limit under the business activity u/s 44AD rs. 100 lacs then no requirement of audit.
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