44AB Audit necessacity

B GAYATHRI (ARTICLE) (42 Points)

04 January 2021

Is 44AB Applicable for turnover less than 1crore and net income of 1lakh for existing assessee previous years audited under 44AB

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5 Replies

CA. Sourav Sarkar (Chartered Accountant ) (24578 Points)
Replied 04 January 2021

No 44ab is not applicable if turnover is less than 1 crores rupees and the income is less than basic exemption limit

Tanvi Sharda (51 Points)
Replied 04 January 2021

No 44AB is not applicable

Balamurali Unnithan MS (STUDENT) (1631 Points)
Replied 04 January 2021

You can choose , but not mandatory , its optional !

If turnover above 2 crores , sec .44AB attracts

ayusmita (Tax consultant) (5885 Points)
Replied 04 January 2021

It's optional
below exemption limit then no need of audit
but if you maintain Account only make financial statement

pradeep kumar (Accountant) (8 Points)
Replied 07 January 2021

is 44AB is applicable for less 1 crores turnover FY- 2019-2020 TO 2021

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