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Applicability of Section 44AB
my income from business is less than 1 crores & I don't want to opt for Section 44AD. Is section 44AB applicable to me.As per Vinod Gupta books it 's not applicable . please clarify
Replies (4)
Any clause of section 44AB is not applicable in this case.So you don't need to Audit your Accounts.
agreed with Mr. Sudiesh
Yes... I agreed to Mr Sudiesh.,
You don't need to Audit your accounts. But, You keep and maintain your books of accounts as per submission....
You don't need to Audit your accounts. But, You keep and maintain your books of accounts as per submission....
For the tax audit to be applicable, both the conditions are to be satisfied that Income less than 8% and net income more than minimum amount chargeable to tax.
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