Tax Audit u/s 44AB
This query is : Resolved
CA. PURVI OZA
(Querist)
21 April 2009
If total purchases of any firm exceed Rs. 40 Lacs and sales is less than 40 lacs Is tax audit required?
chetan soni
(Expert)
21 April 2009
yes.
21 April 2009
No, it is Sales which is to be reckoned for the purpose of knowing the applicability of section 44AB.
C A GROUP COACHING
(Expert)
21 April 2009
No Tax Audit is not applicable. Defination of T/O is clearly mentioned as T/O of sales, No mention is made regarding Purchases So Purchase exceeding 40 LKHS does not make applicability for Tax Audit
Manmohan ACA, CS
(Expert)
21 April 2009
No
Brij Bhushan Sangal
(Expert)
21 April 2009
Mr chanderkant is right, u/s 44AB only tells about turnover means sales not for purchases. so you are out of that.
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