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Sec 44AB of income tax act

08 August 2019

Tax audit is applicable if profit on business is less than 8% turnover is below 1 crore only.
And he is not under presumptive scheme.
Please specify umder which section.

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7 Replies

shivpriya maurya (61 Points)
Replied 08 August 2019

Audit applicability
if turnover is above 1 crore or profit is below 8%
if your turnover is below 1 crore but profit is less than 8% then also audit is applicable.
if your turnover is above 1 crore but profit is above 8% than also tax audit is applicable

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Mallikarjunareddy Suravarapu (5 Points)
Replied 08 August 2019

But in sec 44AB of income tax iam not getting that.

Adarsh Agrawal (student) (64 Points)
Replied 08 August 2019

Sec 44AB(e)

Kapadia Pravin (17259 Points)
Replied 08 August 2019

Turnover is below 1 crore so 44AB doesn't apply
Profit %age is not relevant

sundhar jkn (205 Points)
Replied 09 August 2019

If turnover is above 2 crore, there will be a mandatory tax audit. If turnover is less than 2 crore, but profit is less than 8%, then tax audit applicable. For ur clarification, if turnover is 12,00,0000 profit is below 8% , 44AB applicable. And if turnover is 1,99,00,000 and profit is above 8%, then 44AB is not applicable