TAX AUDIT U/S 44AB WHEN SALES ARE BELOW 40 LAKHS
This query is : Resolved
CA Hemant T Dewani
(Querist)
23 April 2008
IN THE F Y 2007-08 MY PURCHASES IS RS 42 LAKHS AND SALES IS RS 39 LAKHS WHETHER I LIABLE TO GET TAX AUDIT OR NOT BECAUSE MY SALES/TURNOVER/GROSS RECEIPT IS LESS THAN 40 LAKHS IF ANY CASE LAW OR REFERRENCE BOOK FOR CASE LAW
24 April 2008
No . u r not liable for tax audit
24 April 2008
However, i suggest u to have audit
27 April 2008
u r only liable if you are in retail business, since you are having a loss (i.e. less than 5% profit on T/O)
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