Applicability of Sec. 44AB

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13 Points Posted on 24 August 2018
what is the turnover limit for the account to be audited under sec. 44AB i. e.., tax audit
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On 24 August 2018 at 15:10 Report
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Chartered Accountant
12739 Points Posted on 24 August 2018

2cr 

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On 24 August 2018 at 15:21
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Tax Audit Limit – Section 44AB. Under section 44AB, a compulsory tax audit is required to be completed by a Chartered Accountant if a business has total sales turnover or over Rs.1 crore
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On 24 August 2018 at 15:27
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Chartered Accountant
12739 Points Posted on 24 August 2018

ya sorry it is 1 cr

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On 24 August 2018 at 15:29
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13 Points Posted on 24 August 2018
my sales is 1.05crores than i estimated my income @ 8% on gross sales or not u/s 44ad
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On 24 August 2018 at 15:32
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CA
609 Points Posted on 24 August 2018
if your are doing business turnover limit is more than 1 Crore
if your are doing profession turnover limit is more than 50 lakhs
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On 24 August 2018 at 15:35
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@ Prudhvi you can't opt the benefits of section 44AB
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On 24 August 2018 at 16:00
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13 Points Posted on 24 August 2018
#RatAnu That means can i opt sec 44AD?
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On 24 August 2018 at 16:51
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CA
609 Points Posted on 24 August 2018
yes you can opt for Sec 44AD if you offer at least 8% turnover as your income
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On 24 August 2018 at 17:30
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13 Points Posted on 24 August 2018
#Varma Thank you
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On 24 August 2018 at 17:32
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CA
609 Points Posted on 24 August 2018
your welcome Prudhvi
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On 24 August 2018 at 17:35

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