Income tax

No need if d turnover does nt exceed rs.60 lakh dis year.

Hi Chaitanya

You need not to get it tax audited if the turnover or gross receipts of business does'nt exceed the prescribed limit.

Section 44AB doesn't prescribe to do tax audit based on previous years compulsory tax audit.

Agree with sanat kumar

Agree with Mr. Sanat kumar

TAx Audit u/s 44AB is not compulsary provided the declared profit is more than 8% of Turnover.
 

Hi Chaitanya,

To add above comments find the paragraph tax audit Sec 44AB:

Every person, - (a) Carrying on business shall, if his total sales, turnover  or gross receipts, as the case may be, in business exceed or exceeds Sixty lakh rupees in any previous year* , or

 (b) Carrying on profession shall, if his gross receipts in profession exceed ten lakh rupees in any previous year*, or

 (c) Carrying on the business shall, if the profits and gains from the business are deemed to be the profits and gains of such person under section 44AD or section 44AE or section 44AF, as the case may be, and he has claimed his income to be lower than the profits or gains so deemed to be the profits and gains of his business, as the case may be, in any previous year, get his accounts of such previous year audited by an accountant before the specified date and furnished by that date the report of such audit in the prescribed form duly signed and verified by such accountant and setting forth such particulars as may be prescribed

*previous year (Financial year)

It clearly talks about previous year not referring to any previous years before that..

Hope this clears

Karthikeyan

Tax Audit u/s 44AB is not compulsary provided the declared profit is more than 8% of Turnover. if ur t/o not exceeds limit.