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Tax Audit u/s 44AB

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13 October 2010 If Purchases are above Rs. 100 Lakhs and Sales are less then Rs. 40 Lakhs in F.Y. 2009-10, is proprietory firm liabile for tax audit u/s 44AB or VAT Audit.
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CA. Gurdeep Singh Chawla

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CA. Gurdeep Singh Chawla (Expert)
13 October 2010 Not liable for Tax Audit
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Hardik Sarvaiya

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Hardik Sarvaiya (Querist)
13 October 2010 sir,

any circular or notification or case law is there for the same.
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CA Navin Jain

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CA Navin Jain (Expert)
13 October 2010 there is no need to any circular or notification since sec 44AB is applicable on turnover not purchase
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Hardik Sarvaiya

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Hardik Sarvaiya (Querist)
13 October 2010 thank you sir..

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