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44AB Audit


Rajib Saha (Accounts Officer)     25 September 2020

Rajib Saha
Accounts Officer 
 4 likes  157 points

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Dear Sirs,

One of my friend runs a proprietary business - Custom House Agency. Turn Over in FY 19-20 was Rs. 85 lakh ( approx), profit being roughly about Rs. 5.00 lakh. About 40% of the expenses are made in Cash.  My query is whether he is supposed to get his Accounts audited u/s 44AB of the Act.

 

prasad Nilugal   25 September 2020

prasad Nilugal

 127 likes  1953 points

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Profit is below 8/6 % , therefore Audit is required . This is my opinion you may
confirm with others also .

avater

Raj C Doshi (Practising CA)     26 September 2020

Raj C Doshi
Practising CA 
 289 likes  4107 points

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Yes. Audit is required.

avater

RAJA P M ("Do the Right Thing...!!!")     26 September 2020

RAJA P M
"Do the Right Thing...!!!" 
 8416 likes  114927 points

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As per sec 44AB Tax audit not required...

avater

Taha (T)     26 September 2020

Taha
T 
 16 likes  403 points

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As per section 44AB turnover if exceeds 1 cr then tax audit is applicable


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