Tax audit

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BHAVNA BISHT (Querist)

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)

11 May 2017 Tax audit is compulsory if income from business and other sources is above basic exemption limit.

BHAVNA BISHT

BHAVNA BISHT (Querist)

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 Because In Sub Section 4 and 5 of section 44 AD has been replaced by the Finance Act 2016 regarding compulsory audit u/s 44ab clause d of Section 44AB has been replaced the word business to Profession.In my view, No audit is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)

11 May 2017 Section 44AB(d) will be applicable till then.

BHAVNA BISHT

BHAVNA BISHT (Querist)

15 May 2017 thanku sir for your suggestion...

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