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Tax audit applicability (44AB(a))
if our business turnover was 1.5 crore in 2019-20 and it became 80 lacs in the year 2020-21, then is tax audit applicable to me..?
Replies (4)
Unless sec. 44AD(4) attracted; no audit applicable.
No tax audit will be applicable unless and until section 44 ad will be arises under income tax act
But what is the interpretation of "any previous year" in section 44AB(a)
PREVIOUS YEAR MEANS THE FINANCIAL YEAR PRECEDING THE ASSESSMENT YEAR.
ANY MEANS ANY ONE YEAR APPLICABLE TO THE ACT TILL IT IS REPEALED/MODIFIED.
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