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44AB tax Audit
suppose there is a newly started XYZ & co. a partnership firm engaged in real estate sector having huge amount of work in progress as it's projects are not completed but has not a single ruppee turnover as building is still not ready whether still it be liable for tax audit
Replies (3)
Quick Summary
44AB applicable on turnover basis ie if turnover/receipt exceed one crore or
assessee claim lower income than presumptive taxation
assessee claim lower income than presumptive taxation
But even thay does not fulfilled that turnover condition or presumptive taxation condition still they got their account audited as per 44ab
One can get tax audit done volaterily aslo.
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