Bus contractor receipt more than 1cr and net income more than 8%. audit applicable or not?
This query is : Resolved
18 January 2014
sir i need to know if a bus contractor in schools receipt is over 1 cr and tds deducted under 194c. and he is showing net income more than 8%. will he be liable for audit?
18 January 2014
Yes. In case of turnover exceeding Rs.1 Crore, the Tax Audit u/s 44AB is compulsory irrespective of the percentage of net income.
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