Audit u/s 44ab is required?
This query is : Resolved
Gujrathi Kirankumar
(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?
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
(Expert)
29 November 2014
limit under the business activity u/s 44AD rs. 100 lacs then no requirement of audit.
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