Tax audit

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20 December 2014 a person who liable u/s 44ab is the same person liable for 44aa?

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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20 December 2014 sec 44AA deals with maintaince of books of accounts and those whose income exceeds rs 1,20,000 needs to maintain.

sec 44AB deals with applicability of tax audit.

It may happen to whom sec 44AA applies may not be covered by Sec 44AB.

But all covered by sec 44AB needs to maintain books of accounts as per sec 44AA.

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Rupesh Jain

Rupesh Jain (Expert)
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20 December 2014 u.s 44AA is section in which some business/profession is specified, book and document is specified and amount of receipts or income is specified.

u/s 44AB is for telling about compulsory audit required.

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