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About applicability of 44ab

14 August 2019

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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5 Replies

Kapadia Pravin (17264 Points)
Replied 14 August 2019

Not applicable

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Raghunath Burdak (student) (32 Points)
Replied 14 August 2019

not applicable

MEENA VIVEK (256 Points)
Replied 14 August 2019

Not Applicable!

SHIVANI KUDTARKAR (512 Points)
Replied 14 August 2019

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

mansi r sharma (student) (67 Points)
Replied 15 August 2019

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 .