Query regarding section 44ab
This query is : Resolved
Ritu Alwani
(Querist)
02 August 2014
Dear Sir/Madam,
Is there any provision that a person will have to get his accounts audited if purchases exceeds Rs. 1 Crore and not turnover.
Please clarify.
Is there any provision that a person will have to get his accounts audited if purchases exceeds Rs. 1 Crore and not turnover.
Please clarify.
Rupesh Jain
(Expert)
02 August 2014
under income tax section u/s 44AB for sales not for purchases. any other section for presumptive income is also for sale/gross receipts.
Ritu Alwani
(Querist)
02 August 2014
Is there any decision of Supreme Court regarding the same.
Rupesh Jain
(Expert)
02 August 2014
no .................due to no section or notification in this regard
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