if in a construction business an assessee receive an advance of rs. 1.40 crore does he require to get his accounts audited for the year 2011-12 in which limit was 60 lakhs
u/s 44AB gross receipt word is written
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Audit u/s 44ab
Replies (1)
NO, till the time you completed the service or deliver the goods, you don't fit in the definition of receipts or turnover. So no need to get accounts audited..
https://www.indiantaxupdates.com/2012/10/17/a-breif-on-tax-audit-us-44ab/
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