I want to confirm that an assessee who is running the business of playing and hiring of 7 trucks and earn more than rs. 3 crore in a year and on that amt. tds deducted by the service receivers. Is it possible not to take tax audit u/s 44AB of IT act, 1961 as receipt are more than rs. 3 crores
22 February 2008
if your receipt are more than fourty lakhs then tax audit is compoulsory sec 44AE is applicble only when maximum trucks are ten and total turnover is less than fourty lakhs so you will audit your firm
22 February 2008
The provisions of section 44AA and 44AB shall not apply in relation to profits and gains of business of plying and hiring of 7 trucks, if the conditions of subsections (1) and (2) of Section 44AE are met with by the assessee.
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