I have a query.
If a TaxAudit is applicable per the provisions of 44AB of the Income Tax Act in a particular Financial Year and in subsequent financial years its turnover is below the Tax Audit Limit, is it necessary for the Company to get the Tax Audit don in subsequent year also ?
Hi,
Law says if you become eligible for tax audit in a particular previous year then assessee will be liable for tax audit.
Hence, each year assessee needs to check whether he is under the eligibility limit of Sec 44AB or not.
Another way to say: It is not necessary to get audited in subsequent yr incase audited once.
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