Section 44 ab

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Ankit agarwal (Querist)
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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?

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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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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