Tax audit of accounts u/s-44ab
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
13 September 2016
I want to know whether an assessee have to tax audit u/s-44ab of his business accounts in the following circustances:
1. Turnover yearly Rs.9900210.00. But want to show net profit 5.42% of total turnover. Assessee maintain all the books of accounts properly.
2. If assessee have two business to reach total turnover over 1 crore in a year.
1. Turnover yearly Rs.9900210.00. But want to show net profit 5.42% of total turnover. Assessee maintain all the books of accounts properly.
2. If assessee have two business to reach total turnover over 1 crore in a year.
Amol S Joglekar
(Expert)
13 September 2016
01. Yes, tax audit is required to be done.
02. Yes. The turnover of both the businesses shall be aggregated to find out the limit of 1 crore.
02. Yes. The turnover of both the businesses shall be aggregated to find out the limit of 1 crore.
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