Whether a Person, HUF or Firm doing business and having a Turnover of more than 25lakhs (being the basic exemption limit for tax purpose as per 44AD - ie 8% of 25 lakhs is 2 lakhs) and claiming a net profit below 8% of turnover is liable for Tax Audit u/s 44AB ?
1 Replies
shikhar
(LEARNER )
(1394 Points)
Replied 30 August 2014
Hi subin ji,
First of all basic exemption limit for tax audit in case business is 1 cr and in case of profession its 25 lakh.
second if a person is showing profit bellow then 8 % in 44ab then he has to go for audit, but if its total income is below 2 lakh (normal exemption limit) then noo need for audit.
THANKS.
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