Tax audit under section 44ab
This query is : Resolved
14 May 2014
If turnover of purchase crosses 1 Crore whether a firm liable for tax audit under sec 44AB of income tax act
14 May 2014
If Turnover Cross Rs 1Croce then Tax Audit will b applicable to that concern.
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.
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 .
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Exiting partner in partnership firm in gst portal
- CLOSING STOCK QUERY
- CASH GIFT FROM BLOOD RELATIVE
- TDS offline utility
- Due Date Clarity
- Gst on travel by air for business purposes
- Query regarding TDS on EPFO Higher Pension Arrears- under wrong section
- Query regarding Item 61/62/63 vs Item 64 in ITR-3
- Rent claimed on building given on permissive possession basis
- Taxability of credit in canara bank ET & T section (NRO)
- DUE DATE FOR ITR FILING
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
- Query regarding reporting of exempt foreign remuneration in ITR (AY 2026-27)
- FEMA/RBI treatment — Amazon.ca arbitrage (US buy, Canada sell, goods never enter India)
- Goods return by customer
- INWARD REMITTANCE FOREIGN
- CPC and SAC
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
