About applicability of 44ab



in case assessee income is less than basic exemption limit or else having loss, then as per 44ab tax audit is applicable or not ?

 
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Not applicable
 
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not applicable
 
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Not Applicable!
 
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44AB is applicable if gross turnover or gross receipts exceeds 1 cr for business and 50 lakh for profession
It does not depend on income
 
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Income tax law states that For applicability of sec 44 AB 1) Assessee must have turnover above Rs 1 crore. 2) Assessee having turnover of less than Rs 1 crore and declares profit less than 8% of turnover + Total income exceeds maximum amount not chargeable to tax = Do Audit . But if Assessee is having Business loss + Total income doesn't exceeds Maximum amount not chargeable to tax = No Audit is required. BUSINESS LOSS + Total income below BEL = No Audit is required .
 
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