44AB Audit necessacity

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42 Points Posted on 04 January 2021
Is 44AB Applicable for turnover less than 1crore and net income of 1lakh for existing assessee previous years audited under 44AB
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On 04 January 2021 at 16:33 Report
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This discussion clarifies the applicability of Section 44AB audit for existing assessees with turnover below 1 crore and net income below the basic exemption limit. Generally, the audit is not mandatory in such cases. However, if your turnover exceeds 2 crores, Section 44AB becomes applicable. Maintaining financial statements is still recommended even if an audit isn't compulsory.

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Chartered Accountant
24588 Points Posted on 04 January 2021
No 44ab is not applicable if turnover is less than 1 crores rupees and the income is less than basic exemption limit
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On 04 January 2021 at 17:11
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51 Points Posted on 04 January 2021
No 44AB is not applicable
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On 04 January 2021 at 19:40
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STUDENT
1631 Points Posted on 04 January 2021
You can choose , but not mandatory , its optional !

If turnover above 2 crores , sec .44AB attracts
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On 04 January 2021 at 22:12
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Tax consultant
5895 Points Posted on 04 January 2021
It's optional
below exemption limit then no need of audit
but if you maintain Account only make financial statement
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On 04 January 2021 at 23:22
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Accountant
10 Points Posted on 07 January 2021

is 44AB is applicable for less 1 crores turnover FY- 2019-2020 TO 2021

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On 07 January 2021 at 11:12

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