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Applicability of 44ab Audit

krishna kulkarni (3 Points)

27 October 2021  
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.

 4 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (108655 Points)
Replied 27 October 2021

Is it its first year of business?

If no, How the earlier years return filed? whether sec. 44AD opted?

krishna kulkarni (3 Points)
Replied 27 October 2021

Not first year
earlier turnover was above 2cr and had filed 44ab

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (108655 Points)
Replied 27 October 2021

If not opted for sec. 44AD in any of earlier 4 years, tax audit u/s. 44AB(a) not applicable.

Sourav (Student) (23912 Points)
Replied 28 October 2021

Tax audit is not applicable

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