Query regarding section 44ab

This query is : Resolved

Ritu Alwani (Querist)
Follow

02 August 2014 Dear Sir/Madam,

Is there any provision that a person will have to get his accounts audited if purchases exceeds Rs. 1 Crore and not turnover.

Please clarify.

Rupesh Jain

Rupesh Jain (Expert)
Follow

02 August 2014 under income tax section u/s 44AB for sales not for purchases. any other section for presumptive income is also for sale/gross receipts.

Ritu Alwani

Ritu Alwani (Querist)
Follow

02 August 2014 Is there any decision of Supreme Court regarding the same.

Upgrade to CAclubindia Pro. Subscribe Now!

Rupesh Jain

Rupesh Jain (Expert)
Follow

02 August 2014 no .................due to no section or notification in this regard