Tax audit

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BHAVNA BISHT (Querist)
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11 May 2017 i have query regarding section 44ab. if the turnover of business assessee is less than 1 crore and also profit is less than 8% in the fy 16-17, than tax audit is complusory or not. pls answer this query

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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11 May 2017 Tax audit is compulsory if income from business and other sources is above basic exemption limit.

BHAVNA BISHT

BHAVNA BISHT (Querist)
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11 May 2017 Sir,In which clause Tax audit is compulsory for business assessee for business income below 8% and turnover less than 1 crore and the assessee has not opted for Sec 44 AD Presumptive Tax. Because In Sub Section 4 and 5 of section 44 AD has been replaced by the Finance Act 2016 regarding compulsory audit u/s 44ab clause d of Section 44AB has been replaced the word business to Profession.In my view, No audit is required until and less section 44AD 5 is applicble which shall be effective from Subsequent Years. Pls Clarify and obliged

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CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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11 May 2017 Section 44AB(d) will be applicable till then.

BHAVNA BISHT

BHAVNA BISHT (Querist)
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15 May 2017 thanku sir for your suggestion...

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