Section 44 ab
This query is : Resolved
12 September 2012
Help me to sort out the following illustration-
sales (gross receipts ) of an entity is Rs.50 Lakhs and the amount of purchases of the same entity is Rs. 65 Lakhs for the F.y. 2011-12,whether he is required to conduct tax audit u/s 44 AB? and if yes Why?
sales (gross receipts ) of an entity is Rs.50 Lakhs and the amount of purchases of the same entity is Rs. 65 Lakhs for the F.y. 2011-12,whether he is required to conduct tax audit u/s 44 AB? and if yes Why?
12 September 2012
For the purposes of applicability of Section 44AB only turnover is relevant.
Since the turnover is less than Rs. 60 lakhs Section 44AB is NOT applicable.
Since the turnover is less than Rs. 60 lakhs Section 44AB is NOT applicable.
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