Tax Audit U/s 44AB

This query is : Resolved

Nagendra Kumar (Querist)
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31 July 2009 Is there any provision in act once the provision is applicable, it is continuosly applicable whether the turnover exceed 40La or not becoz an individual has 40l turnover in last year and this year he has 35L.
ThanX in Advance

kunal jain

kunal jain (Expert)
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02 August 2009
No , Sec 44 AB is applicable only for the previous year in which the gross receipts, turnover or proceeds has exceeded Rs 40 Lacs.

If in another year the same is below the ceiling limits , then there is no such requirment to comply with the provision of the said sec.