HI
A businessman having gross turnover of sales Rs 35 lacs as it is necessary to get the books audit bcz limit is Rs 60 lacs as per my knowledge.
Pls reply
Mohammad Asif
(chartered accountant)
(191 Points)
Replied 07 May 2011
No, the audit is not required under section 44AB but if the income so declared on presumptive basis is less than 8% and the income exceeds the maximum exemption limit of Rs 160000,190000,240000 as the case may be then tax audit is required.
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