in case assessee income is less than basic exemption limit or else having loss, then as per 44ab tax audit is applicable or not ?
5 Replies
SHIVANI KUDTARKAR
(512 Points)
Replied 14 August 2019
44AB is applicable if gross turnover or gross receipts exceeds 1 cr for business and 50 lakh for profession
It does not depend on income
It does not depend on income
mansi r sharma
(student)
(67 Points)
Replied 15 August 2019
Income tax law states that
For applicability of sec 44 AB
1) Assessee must have turnover above Rs 1 crore.
2) Assessee having turnover of less than Rs 1 crore and declares profit less than 8% of turnover +
Total income exceeds maximum amount not chargeable to tax = Do Audit .
But if Assessee is having Business loss + Total income doesn't exceeds Maximum amount not chargeable to tax = No Audit is required.
BUSINESS LOSS + Total income below BEL = No Audit is required .
Recent Topics
- Loss setoff
- About mismatch of GSTR-2A and GSTR-3B
- New Excel-Based Utility
- Tax slabs mentioned in budget of feb2025
- Https://www.facebook.com/nutragreenfarmscbdgummies
- Balance Sheet FORMAT AS PROP
- Tds challan -ITNS 281 validity period
- Salary Taxable Perquisite – Sale of Asset an
- ITC claim rules
- AUTOMATED FILLING NEFT / RTGS FORM EXCEL UTILITY (
Related Threads
Trending Online Classes
-
Certification Course on GSTR-3B Reconciliation with GSTR-2B through Chat GPT
CA Deepak Gupta26 April 2025
CAclubindia
