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Audit u/s 44ab
An assessee (Pvt Ltd Company) has got its accounts audited under section 44AB in previous periods, but it is not eligible for tax audit in A.Y. 2017-18. Is the company still required to get its accounts audited u/s 44AB in A.Y. 2017-18 ?
Replies (4)
As per Section 44AB tax audit is required when the turnover or Gross receipt for the Previous year relevant to the Assessment year is exceed the limit specified under such section.
Hence for your case each previous year is required to check separately.. Therefore, tax audit is not required.
AS PER 44AB SECTION IF TOTAL TURNOVER EXCEED 1 CRORE RS. YOU HAVE TO AUDIT OTHERWISE NOT.(NOW THE LIMIT HAS BEEN 2 CRORE A.Y 2017-18)
Thank you... your response was self-explanatory
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