01 October 2008
Sir Let me make my question in detail:- 1.Assessee is in the business of plying goods carriages. 2.He owns less than 10 goods carriages. 3.He has no other business. 4.His gross receipts from plying of goods carriages is more than Rs.40 lakhs per annum.
Whether his accounts are to be audited compulsorily u/s 44AB of the income tax act,1961 irrespective of the quantum of taxable income.
01 October 2008
Mr.Warrier, It is clearly stated in subsection (5) that as far as they relate to the business of plying goods carriages by an assessee who owns not more than ten goods carriages, the provisions of section 44AB shall not apply in computing the monetary limits under that section.
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