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Section 44AB

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(Querist)
23 July 2011 My client's income is Rs 30 lacs and declare a profit of Rs 2 lacs(ie below 8%) through a P&L and B/S.Is it liable to audit u/s 44AB.?
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
23 July 2011 If income is from 'business' audit is mandatory vide section 44AD(5) of the Income tax Act,1961.

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