TAX AUDIT MEANS
This query is : Open
19 September 2009
DEAR SIR/ MADAM
AN ASSESSEE WAS DOING DURING THE YEAR 2008-09 36,00,000 AND HE WAS OFFERED NET PROFIT 61,000 N.P. RATIO IS 1.69 HE IS COVERED UNDER SECTION 44AB OR NOT
TAX AUDIT MEANS ONLY TURNOVER ABOVE 40LAKHS OR TURNOVER ABOVE 40LAKHS BUT N.P. RATIO IS BELOW 5% WHAT IS CORRECT. PLEASE TELL
THANKS IN ADVANCE
AN ASSESSEE WAS DOING DURING THE YEAR 2008-09 36,00,000 AND HE WAS OFFERED NET PROFIT 61,000 N.P. RATIO IS 1.69 HE IS COVERED UNDER SECTION 44AB OR NOT
TAX AUDIT MEANS ONLY TURNOVER ABOVE 40LAKHS OR TURNOVER ABOVE 40LAKHS BUT N.P. RATIO IS BELOW 5% WHAT IS CORRECT. PLEASE TELL
THANKS IN ADVANCE
Ratan Sharma
(Expert)
19 September 2009
In case of wholesale business if the turnover is Rs. 40 lacs then the audit is mandatory whether you declare the profit or loss is immaterial.
In case of Retail trade if the net income declared is below 5% then the audit u/s. 44AB is compulsory.
In case of Retail trade if the net income declared is below 5% then the audit u/s. 44AB is compulsory.
20 September 2009
Assuming your client is in retail business , deeming 44AF is attracted , hence 44AB is applicable is NP declared lower than 5%
CA Suresh Choudhary
(Expert)
20 September 2009
agree with experts
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