Applicability of 44ab audit ?

CA Subin VR (Practicing CA) (450 Points)

30 August 2014  

Whether a Person, HUF or Firm doing business and having a Turnover of more than 25lakhs (being the basic exemption limit for tax purpose as per 44AD - ie 8% of 25 lakhs is 2 lakhs) and claiming a net profit below 8% of turnover is liable for Tax Audit u/s 44AB ?