Tax audit u/s. 44ab
This query is : Resolved
19 July 2014
Tax audit u/s. 44AB is compulsory also for those assessee whose net profit margin is below 8%.
My query is why the assessees who are engaged in the rationing business required to get its books of accounts audited u/s. 44AB because of lower net profit margin when such lower margin is fixed by government itself.
My query is why the assessees who are engaged in the rationing business required to get its books of accounts audited u/s. 44AB because of lower net profit margin when such lower margin is fixed by government itself.
19 July 2014
If your turnover is less than 1 cr and income by applying @8% is less than 2 lacs, you need not tax audit u/s 44AB. In other case, you have to do the tax audit, if you want to show profit is less than 8%
21 July 2014
Mr. Umesh I think you didn't understand my query.
My question is why tax audit is required when the margin is fixed by government only.
My question is why tax audit is required when the margin is fixed by government only.
22 July 2014
I do not know the reason. But, Tax audit should be looked by the prospective of Tax Laws all other laws are not relevant unless and until they are specifically provided in tax law.
22 July 2014
I do not know the reason. But, Tax audit should be looked by the prospective of Tax Laws all other laws are not relevant unless and until they are specifically provided in tax law.
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