Sec 44ab

This query is : Resolved

Dulal Chatterjee (Querist)
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25 October 2013 Dear Experts,

I need your valued advise/help regarding the following matter. Pls help.

A firm deal in building material (Retail)and its turnover of Rs. 83 lakhs during F.Y. 12-13. Book profit is Rs. 12500/-(approx. 0.14% on Sales) & partner's remuneration is NIL. Tax pable on Rs. 12500/- is 3863/- and Adv tax paid in sep-12 was Rs. 30,000/-.

in this circumstances is tax audit required or not?

Thanks in advance.

Dulal Chatterjee

CA Pallav Singhania

CA Pallav Singhania (Expert)
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25 October 2013 Assessee can claim lower income than 8% , but following provisions are applicable in that case

1. Aseesee is required to maintain books of accounts and the same will required to be audited under section 44AB{Tax Audit}.

2. The all provisions of advance tax payment than applicable in this case.