11 May 2015
turn over is 41,00,000 and gross profit is 3,42,000 and net profit is 1,96,000 {less then 8%) in this case is it liable to do audit u/s.44ab ?
11 May 2015
To be liable for tax audit u/s 44AB both conditions must be fulfilled simultaneously that is net profit declared less than 8% and total income exceeding taxable limit so not liable.
CAclubindia
