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requiremnet of 44ab

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Querist : Anonymous

Querist : Anonymous (Querist)

29 April 2011 1.please provide requirements with respect to tax audit 44ab.

2.whether net bank is compulsory for partnership firm or not?

CA. Shushil Kumar

CA. Shushil Kumar (Expert)

29 April 2011 Under the existing provisions of section 44AB, every person carrying on business is required to get his accounts audited if the total sales, turnover or gross receipts in business exceed Sixty lakh rupees in the previous year. Similarly, a person carrying on a profession is required to get his accounts audited if the gross receipts in profession exceed fifteen lakh rupees in the previous year.
No net banking required, but the e-tax mode of payment is must in such cases (though this can be done by your banker itself).
But preferable to have net-banking.

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