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Can tax audit u/s 44ab be done for less than 1 crore to

Tirumalesh (Chartered Accountant) (34 Points)

13 October 2014

Hi,

I have a query about Sec 44AB of the Act, pls do clarify if I am wrong

Section 44AB of the Act says "Who has to get his accounts audited on compulsory basis". Now my query is when the turnover of the Company is less than 1 crore, can he get his accounts still audited by a CA u/s 44AB since, the wording of the Section does not prohibit from getting accounts audited even if TO does not exceeds the specified limit. If this can be done, whether the due date for tax audit will be applicable for the Company since we are doing Tax Audit.

Waiting for reply, thanks in advance

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2 Replies

Swami Ayyappa Nuli (TAX ADVISOR & CONSULTANT AT G.S.T SUVIDHA CENTER) (1372 Points)
Replied 16 October 2014

Due date for company whether it is liable to tax audit u/s.44AB or not is September,30th generally. But during A.Y 2014-15, due date for assessee's liable to tax audit u/s.44AB is extended to 30th November. Indeed due date for submitting return will extend only in cases where they are liable but not carry tax audit Voluntarily.