Every COmpany is liable to furnish the company audit report. If the turnover of the company is Rs. 900000/-. Wether the company is liable to furnish report under section 44AB?
Max Payne (employed) 25 September 2009
Not required. the company can produce the statutory audit report.
Have a lot to achieve (C.A. B.Com(H)) 25 September 2009
Here Tax Audit U/S 44AB is not applicable as the turnover is just Rs. 9lacs(less than 40lacs)
CA.Parsun Garg (JOB) 25 September 2009
Every person carrying on business shall, if his total sales, turn over or gross recipts, as the case may be, in business exceeds Rs. 40,00,000 in any previous year
In the case of a person carrying on profession, if his gross receipts in profession exceeds Rs. 10,00,000 in any previous year
is required to get his accounts audited u/s 44AB.
So, If the turnover of the company is Rs. 9,00,000/- it is not liable for Tax Audit u/s 44AB at all.
Rajeev (www.rkmco.com) 26 September 2009
44AB not attracted since the t/o lower than 40 lakhs /10 lakhs. Also check if the revenue gross receipts are lower than 40 lakhs/10 lakhs.
CA Trinath Galla (student) 23 October 2009
statutory audit is applicable as it is a company,
but tax audit is not applicable
Girish Mathuria (STUDENt) 24 October 2009
section 44 AB is not attracted because turnover is less then the limit... rs. 40,00,000
biren (Accountant) 24 October 2009
My client is engaged in stock market business. if his turnover is rs. 2000000/- in intraday & rs. 2500000/- in delivery basis. whether he is liable for tax audit u/s. 44AB
CA. Gurdeep Singh Chawla (C A) 24 October 2009
In intraday transactions only net profit/loss is considered for turnover.
NARENDER PAWAR (CA final Student) 07 December 2009
no there is no need for tax audit
because tax audit limit is 40lacs
but in case of professional is 10 lacs
CMA Ramesh Krishnan (Cost & Management Accountant) 08 December 2009
No, for Tax audit Limit is Rs.40 Lakhs