06 August 2012
Section 44AB reads... Every person,—
(a) carrying on business shall, if his total sales, turnover or gross receipts, as the case may be, in business exceed or exceeds [sixty lakh rupees]] in any previous year; ....
Here section states... any previous year...
If the turnover in FY 2009-10 is Rs. 75 lakhs; FY 2010-11 is Rs. 41 lakhs; FY 2011-12 Rs. 35 lakhs. Whether he is needs to be audited u/s 44AB? Let us also assume his profit is also more than 8% in FY 2011-12
06 August 2012
Here any does not mean "any". Your doubt about " any previous year" will clarify if you will continue to read there after clause (d) "get his accounts of such previous year...." .
CAclubindia
