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Applicability of 44ab Audit
If an entity has a turnover less than 1cr and has loss for the year 2020-21, the cash limit has also been exceeded u/s44AB. Will 44AB audit report be applicable to that entity.
Replies (4)
Is it its first year of business?
If no, How the earlier years return filed? whether sec. 44AD opted?
Not first year
earlier turnover was above 2cr and had filed 44ab
earlier turnover was above 2cr and had filed 44ab
If not opted for sec. 44AD in any of earlier 4 years, tax audit u/s. 44AB(a) not applicable.
Tax audit is not applicable
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