Income tax audit u/s 44ab applicable or not
Querist : Anonymous
will he liable for audit u/s 44AB ?
(a) carrying on business shall, if his total sales, turnover or gross receipts,
as the case may be, in business exceed or exceeds [sixty lakh rupees]
in any previous year or
(b) carrying on profession shall, if his gross receipts in profession exceed
fifteen lakh rupees in any previous year; or
(c) carrying on the business shall, if the profits and gains from the business are deemed to be the profits and gains of such person under section 44AE or section 44BB or section 44BBB, as the case maybe, and he has claimed his income to be lower than the profits or gains so deemed to be the profits and gains of his business, as the case may be, in any previous year......
Since in your case it is eighteen lacs section 44AB is aplicable.
TAX AUDIT IS REQUIRED AS YOUR INCOME IS EXCEED 15 LACK...FOR 2011-2012