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44AB Audit necessacity
Is 44AB Applicable for turnover less than 1crore and net income of 1lakh for existing assessee previous years audited under 44AB
Replies (5)
Quick Summary
No 44ab is not applicable if turnover is less than 1 crores rupees and the income is less than basic exemption limit
No 44AB is not applicable
You can choose , but not mandatory , its optional !
If turnover above 2 crores , sec .44AB attracts
If turnover above 2 crores , sec .44AB attracts
It's optional
below exemption limit then no need of audit
but if you maintain Account only make financial statement
below exemption limit then no need of audit
but if you maintain Account only make financial statement
is 44AB is applicable for less 1 crores turnover FY- 2019-2020 TO 2021
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