Whether tax audit should be conducted

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

19 September 2014 If in F.Y. 2012-13, sale exceeded Rs. 1 crore whereas in the current F.Y. 2013-14 the sale does not exceed Rs. 1 crore and profit is also grater than 8%. Is the assesee liable for tax audit u/s 44AB?
reply as soon as possible urgent.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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19 September 2014 No need to tax audit in F.Y 2013-14 since audit is year wise and therefore, eligibility also has to be checked year wise.

Querist : Anonymous

Querist : Anonymous (Querist)

19 September 2014 Thank u sir
but according to section 44AB as stated in Income tax site it is written that If sale exceeded rs. 1 crore in any previous year.
What this any previous year indicate?

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Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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19 September 2014 Fin.yr 2013-14. Corresponding assessment year is 2014-15.

Previous year (refer section 3) is the financial year immediately preceding the assessment year.

In your case asst.yr is 2014-15. Previous year is fin.yr.2013-14. Turnover < 1 crore, tax audit not mandatory in F.Y 2013-14.

Querist : Anonymous

Querist : Anonymous (Querist)

19 September 2014 thank u so much sir........