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Section 44 ab

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(Querist)
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?
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
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.
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