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Tax Audit u/s 44AB

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(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?
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chetan soni

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chetan soni (Expert)
21 April 2009 yes.
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CA RAMESH KUMAR AHUJA

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CA RAMESH KUMAR AHUJA (Expert)
21 April 2009 No, it is Sales which is to be reckoned for the purpose of knowing the applicability of section 44AB.
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C A GROUP COACHING

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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
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Manmohan ACA, CS

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Manmohan ACA, CS (Expert)
21 April 2009 No
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Brij Bhushan Sangal

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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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