U/s44AB
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
27 July 2010
Total Sale is Rs.35,00,000/-
Total Purchase is Rs.45,00,000/-
So it is liable for Compulsory Audit u/s 44AB or not.....
Please give me answer as soon as possible......
Total Purchase is Rs.45,00,000/-
So it is liable for Compulsory Audit u/s 44AB or not.....
Please give me answer as soon as possible......
27 July 2010
Tax audit under Sec 44AB is based on the total sales/turnover and not purchases. As the total sales is below Rs. 40 lakh, tax audit in not applicable.
However, audit as per Sec 44AF may be necessary if involved in retail business & net profit offered to tax is less than 5% of total turnover. The limit for tax audit u/s 44AB has been increased to Rs. 60 lakh from FY 2010-11.
However, audit as per Sec 44AF may be necessary if involved in retail business & net profit offered to tax is less than 5% of total turnover. The limit for tax audit u/s 44AB has been increased to Rs. 60 lakh from FY 2010-11.
Querist : Anonymous
Querist :
Anonymous
(Querist)
28 July 2010
Thanks to C.A. Pradeep Nayak
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