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Pallav Singhania (❤ Work Hard Party Harder ❤) 10 November 2011
I think regarding sec 44AB..if ur turnover doesn't exceed 60 lacs but the margin of profit exceed the....rate given...then its required....
Mary Asha (email@example.com) 11 November 2011
Sec 44AB talks only about sales.. And in no where the purchase amount will be linked here.. Because ultimately we are trying to find the income of the business.. Which we get through sales.. And if the sales amount does not exceed 60lacs.. Then section 44AB will not attract...
Surendra Agarwal (MANAGER FINANCE AND BUSINESS PLANNIN) 11 November 2011
Yes audit u/s 44 ab required if turnover exceeds rs 60 lac(either of sale or purchase) refer guidance note issued by icai for tax audit
ashish gupta ( student) 11 November 2011
turnover only includes sales and other income from the business. But when your purchases are more than sales and income than you will be incurring loss and in that case audit is compulsory to claim that loss