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Sec44ab

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16 February 2014 plz explain sec44AB of income tax for ay 14-15?
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
16 February 2014 FOR AY 2014-15- MAIN FEATURES OF SECTION 44AB:- FOR COMPULSORY TAX AUDIT REQUIREMENT-
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TURNOVER LIMIT IN CASE OF BUSINESS : RS 1CRORE.
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TURNOVER LIMIT IN CASE OF PROFESSION : RS 25 LAKHS.
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AUDIT IS COMPULSORY IN CASE OF ASSESSEES HAVING TAXABLE INCOME AND WANTS TO SHOW THEIR BUSINESS INCOME AT A LOWER PERCENTAGE OF TURNOVER (< 8% OF TURNOVER).
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