09 December 2009
One of Assessee is owner of 9 trucks and has filed his income tax return u/s 44AE even though his gross receipts are more than Rs. 40 Lacs. Kindly suggest if he is liable for tax audit u/s 44AB.
21 July 2010
Since, trucks are less than 10, tax audit is not required.
If trucks are more than 10, then tax audit is required.
If trucks are less than 10, then tax audit is required if assessee declares that his income is below threshold limit of Rs. 3150/ Rs. 3500 (Now Rs. 5000) as the case may be.