Period of applicability of section 44AB
This query is : Resolved
17 January 2011
If Mr. A has Tax Audit for last year and in the current financial year the turnover is less than the limits prescribed under the provisions of I.T. Act. Now does he need to get his current financial year's accounts audited under section 44AB just because he has Tax Audit last year
17 January 2011
No, applicablity of section 44AB has to be tested for each Assessment year, each assessment year is independent.
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