10 November 2007
UNDER SEC. 44 AB IF A PERSON IS CARRYING ON BUSINESS, AND IF THE TOTAL SALES, TURNOVER OR GROSS RECEIPTS IN BUSINESS FOR THE PREVIOUS YEAR RELEVANT TO THE ASSESSMENT YEAR, EXCEED RS. 40 LAKHS , SUCH PERSON IS COVERED UNDER TAX AUDIT. ACCORDINGLY IN THE CASE REFERRED BY YOU , IF THE GROSS COLLECTIONS EXCEED RS 40 LAKHS, TAX AUDIT NEEDS TO BE DONE AND REPORT SUBMITTED. R.V.RAO
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