Client has approached me for Income Tax Return for Ass.year 2015-16.
He is into business of distributorship. Turnover is 90 lacs.
Profit is 1.5 lacs.
Do i need to do Tax Audit u/s Sec 44ab(as income is below 8%)?????
But Sec 44AB States
i) Turnover should exceed 1cr ii) Income Should Exceed 2.5lacs.
So I am confused over 2nd Condition of 44AB.(2.5 lacs)
Please revert.
CAclubindia
