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About 44ab audit

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Ataur Rehman

135 Points Posted on 08 February 2020

If my gross receipt or sales below 1 crore can I file under sec 44ab. Please guide me.

Replies (4)

Quick Summary

If your gross receipts or sales are below 1 crore, a tax audit under Section 44AB is generally not required. You can opt to file under Section 44AD, declaring a profit of 6% or 8% of your turnover, or your actual profit if higher. While a voluntary audit by a Chartered Accountant is possible for your own benefit, it's not compulsory if you don't maintain detailed books of accounts.

Roshni

Studwnt

730 Points Posted on 08 February 2020

If you want you can

RAJA P M

"Do the Right Thing...!!!"

77833 Points Posted on 08 February 2020

As per sec 44AB Tax Audit not required...
If You want to Audit Your details then You can. Consult with Your Auditor...

Atif Khan

110 Points Posted on 09 February 2020

If you want to have Audit of accounts by Chartered Accountant it's upto you...
however if you don't have Proper books of Accounts and you don't want to Audit by CA than you can also file us 44AD by just taking profit at 8% of the Turnover..
it's your choice totally.

Kapadia Pravin

10683 Points Posted on 09 February 2020

For ITR filing , you won't be able to upload 44AB report bcoz assessee will select in ITR - 44AB not applicable.

If you think 44AB audited accounts and reports advantegous for other purposes then go for it. Otherwise no need.
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Under 44AD it's 6% or 8% profit of turnover or actual profit whichever is higher.