Tax Audit u/s 44AB

This query is : Resolved 

21 April 2009 If total purchases of any firm exceed Rs. 40 Lacs and sales is less than 40 lacs Is tax audit required?

21 April 2009 yes.

21 April 2009 No, it is Sales which is to be reckoned for the purpose of knowing the applicability of section 44AB.


21 April 2009 No Tax Audit is not applicable. Defination of T/O is clearly mentioned as T/O of sales, No mention is made regarding Purchases So Purchase exceeding 40 LKHS does not make applicability for Tax Audit


21 April 2009 Mr chanderkant is right, u/s 44AB only tells about turnover means sales not for purchases. so you are out of that.



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