44ab audit

This query is : Resolved

P.SHANGAR (Querist)
Follow

18 June 2018 Turnover below 2 cortes net profit below 8%books of accounts maintained. Kindly clarify,whether 44ab audit applicable
If so applicable what is the time limit.and the procedures applicable for the same.kindly clarify the same.
With regards
Ca.p.shangar

Ashiwini Ballodia

Ashiwini Ballodia (Expert)
Follow

18 June 2018 If your income exceeds basic exemption limit than liable for audit If audited than 30th Sept 18 otherwise 31st July 18

RAJA P M

RAJA P M (Expert)
Follow

19 June 2018 Yes... Tax Audit applicable... The 2cr limit is only u/s 44ad... As per sec 44AB tax Audit applicable if T/O Rs. 1cr...

Message likes : 1 times

Upgrade to CAclubindia Pro. Subscribe Now!

Nikhil Kaushik

Nikhil Kaushik (Expert)
Follow

19 June 2018 very important to understand this, once the turnover exceeds Rs 1 cr and you are not going for presumptive taxation, audit will be applicable regardless of profit/loss position