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vidya shetty (senior accountant)     25 September 2009

Tax audit u/s. 44AB

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?

 12 Replies

Max Payne

Max Payne (employed)     25 September 2009

Not required. the company can produce the statutory audit report.

Have a lot to achieve

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)

1 Like
CA.Parsun Garg

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.

1 Like
CA Trinath Galla

CA Trinath Galla (student)     23 October 2009

statutory audit is applicable as it is a company,

but tax audit is not applicable

Girish Mathuria

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

CA. Gurdeep Singh Chawla (C A)     24 October 2009

In intraday transactions only net profit/loss is considered for turnover.

Girish Mathuria

Girish Mathuria (STUDENt)     25 October 2009

no ur client is not liable for tax audit

CA Devanshi Gandhi (Ajani)

CA Devanshi Gandhi (Ajani) (FCA DISA Mcom CIFRS & LLB)     25 October 2009

tax audit not applicable


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

CMA Ramesh Krishnan (Cost & Management Accountant)     08 December 2009

No, for Tax audit Limit is Rs.40 Lakhs

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