Sec44ab
This query is : Resolved
CA PARAS BAFNA
(Expert)
16 February 2014
FOR AY 2014-15- MAIN FEATURES OF SECTION 44AB:- FOR COMPULSORY TAX AUDIT REQUIREMENT-
.
TURNOVER LIMIT IN CASE OF BUSINESS : RS 1CRORE.
.
TURNOVER LIMIT IN CASE OF PROFESSION : RS 25 LAKHS.
.
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).
.
.
TURNOVER LIMIT IN CASE OF BUSINESS : RS 1CRORE.
.
TURNOVER LIMIT IN CASE OF PROFESSION : RS 25 LAKHS.
.
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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