Applicability of section 44 ab of the income tax act, 1961.

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DEBDUT CHOUDHARY (Querist)
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03 December 2011 Suppose a person carries on a retail trade having a gross turnover Of 250000/- and a wholesale business having turnover of 5800000/-. Is he liable to get his books of accounts audited u/s 44AB. If Yes, Then please reply soon and also refer to any case law, if any.

CA VISHAL RANA,CS,B.Com,AMFI

CA VISHAL RANA,CS,B.Com,AMFI (Expert)
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03 December 2011 one condition shall be fulfilled either gross turnover exceeds 60 lac or gross receipts exceeds 15 lac.

1. in above case turnover less than 60 lac,therefore no question of applicability of sec 44AB will arise.

2. gross receipts less than 15 lac,So no 44AB would applicable here.

at last assessee not required to furnish report u/s 44AB

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