44ab

This query is : Resolved

shraddha (Querist)
Follow

02 June 2018 1. if one person turnover less than 1 crore and his profit less than 8% then he is required to do audit or not???

2.if one person turnover less than 1 crore and his profit less than 250000 then what do?????

RAJA P M

RAJA P M (Expert)
Follow

02 June 2018 Please go to read this following article. You can get some clarity about tax audit as per your query

https://taxguru.in/income-tax/applicability-tax-audit-related-income-tax-provisions.html

shraddha

shraddha (Querist)
Follow

02 June 2018 thank you sir
but this article is posted on 31/01/2015
some changes is done in section 44ab

Upgrade to CAclubindia Pro. Subscribe Now!

RAJA P M

RAJA P M (Expert)
Follow

02 June 2018 Yes.. You are correct...
But,
Based on your query the article is suitable...

1. Yes... Audit required if shown less than 8% and above BEL.

2. Tax Audit not required for Profit less than BEL...