Section 44 AB

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9 Points Posted on 21 January 2020
Should only the turnover or gross receipts be considered while determining applicability for Audit?
If the Turnover is 25 Lakh and the other income is 1 Crore am I applicable for Audit?
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On 21 January 2020 at 14:56 Report
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This discussion clarifies the applicability of Section 44AB tax audit. It explains that only turnover or gross receipts from a business or profession are considered. Significant 'other income', such as interest, does not trigger the audit requirement, though it may lead to a higher tax liability.

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C.A FINAL STUDENT AND QUALIFIED C.M.A
563 Points Posted on 21 January 2020

Whatever be the nomenclature, those receipts should be from either from Business or Profession.Or else you are not subject to 44AB.

But be clear about 'other income' that you have mentioned.Since it leads to heavy tax liability.

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On 21 January 2020 at 16:33
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9 Points Posted on 21 January 2020
Other income comprises of interest
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On 21 January 2020 at 17:30
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C.A FINAL STUDENT AND QUALIFIED C.M.A
563 Points Posted on 21 January 2020

If Whole of One crore comprises only Interest Income,then your are not subjected to Tax Audit.

But taxation may be heavy. 

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On 21 January 2020 at 17:33

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