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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About applicability of 44ab
Replies (5)
Not applicable
not applicable
Not Applicable!
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
It does not depend on income
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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