Tax Audit u/s 44AB
This query is : Resolved
Guest
Guest
(Querist)
18 November 2008
In case of newly established proprietorship firm turnover exceeds from Rs 40 lakhs but Income of the asesse is less than the basic exemption limit So,whether it is mandatory for the assesee to file the ROI with the Tax audit Report u/s 44AB?
Ravikumar.G
(Expert)
18 November 2008
Assessee carrying on business where Total sales or turnover or gross receipts exceeds Rs. 40L - Tax audit u/s 44AB is mandatory. Even if you have incurred any loss i.e. immaterial.
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