Audit u/s 44ad
This query is : Resolved
27 September 2013
A is a manufacturing proprietory concern with a sale of 98 lakh rupees . Its net profit is 5%. Is audit mandatory or not
CA Pallav Singhania
(Expert)
27 September 2013
No, Tax Audit U/S 44AB isn't not mandatory in this case,
Under the existing provisions of section 44AB, every person carrying on business is required to get his accounts audited if the total sales, turnover or gross receipts in the previous year exceed 100 lakhs rupees.
Under the existing provisions of section 44AB, every person carrying on business is required to get his accounts audited if the total sales, turnover or gross receipts in the previous year exceed 100 lakhs rupees.
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