Tax audit under section 44ab
This query is : Resolved
Dipesh J. Baghmar
(Querist)
14 May 2014
If turnover of purchase crosses 1 Crore whether a firm liable for tax audit under sec 44AB of income tax act
Sandeep Dharar
(Expert)
14 May 2014
If Turnover Cross Rs 1Croce then Tax Audit will b applicable to that concern.
Nikhil Kaushik
(Expert)
14 May 2014
no. purchases don't determine the application 44AB. if you just purchase in excess of 1 cr and don't sell anything during the year or sell less than 1 cr, tax audit wont apply.
Rupesh Jain
(Expert)
22 May 2014
no if your sale gross receipts cross rs. 1 crores the tax audit is compulsory. otherwise if you declare profit below 8% then you have to take audit report .
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