Hello all!Hope you have a great day.
Please helpme regarding a doubt regarding Tax Audit U/S 44AB.
Whether Tax Audit Aapplicable for only that Financial Year in which Receipts exceed Limit or once it applies for any year,It applies continuously for all the succeeding years or any Specific period.
Eg: A Professional receipts in year 2014-15 were 32 Lakhs and Tax Audit done.If Receipts for that Professional in FY 15-16 are 23lakhs.Whether Tax Audit is applicable for him?
Have any Respected Experts dealt practically.Please help me.
CAclubindia
