whether Tax Audit u/s 44AB once applicable to an individual for exceeding the limits for business turnover in one year, would the individual be required to file tax audit report in next year as well if the business turnover does not exceed the limits in that year?
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Tax audit u/s 44ab
Replies (6)
Not required..
if assesse not crossed taxaudit limit turnover in previous year(means for A>Y.13-14 previous year is F.Y.12-13)..
Assesse not required to get his books audited
No Tax Audit is an Audit for compliances Under the Income tax Act. & where the Criteria's of T/o are not exceeded, The relevant Section 44AB would not get activated & applicable thereby & Thereon., It is based on Year to year Basis.
thank u all...
Plz suggest if section 44 AD is applicable for me. In financial year 2012-2013, I started software development services with a US based company (contract between Myself and US based Company) and hired 6 people to run the business. . Plz confirm that this does not come under profession of 44AA(1) and so I can file under 44AD?
The words used in the Act are,
Every person,—
(a) carrying on business shall, if his total sales, turnover or gross receipts, as the case may be, in business exceed or exceeds one crore rupees in "any previous" year; or
(b) carrying on profession shall, if his gross receipts in profession exceed 14[twenty-five] lakh rupees in "any previous" year;
So why Tax Audit will not be applicable in subsequent previous years when the turnover from business falls below Rs one crore; or gross receipts from profession falls below Rs twenty five lakhs ?
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