An asseesse has turnover exeeding Rs 40 lacs in a year then he will liable to tax audit U/s 44 AB. However If his turnover in the subsequent year does not exceeds Rs 40 lacs then whether he will be continued to be governed by the provisiosns of section 44AB.?
17 Replies
saurabh
(CA)
(552 Points)
Replied 24 June 2009
limit of Rs 40 lacs is applicable for each year seperately.. you will be liable to Tax audit u/s 44AB only if ur Gross Reciept in the F/Y exceeds the limits u/s 44AB
RAKESH
(Almost CA)
(2199 Points)
Replied 25 June 2009
No. tax audit under section 44AB is applicable only when the turnover exceeds 40 lakhs in that particular year . If the turnover does not exceed 40 lakh then he will not be governed under this section for that year.
CA. Rashi Goyal
(Chartered Accountant)
(512 Points)
Replied 25 June 2009
It depends if it is required to get audit as per section 44AD, 44AE, 44AF, 44BB and 44 BBB than it will fall under section 44AB.
Yogesh Shah
(Managing Corporate Finance)
(1051 Points)
Replied 01 July 2009
No, he will not be liable for an Audit u/s. 44AB
SHAILESH
(ACCOUNTANT)
(115 Points)
Replied 01 July 2009
AS I KNOW A SOLE PROPERITY CONCERN LIABLE FOR TDS ONLY IF HE IS LIABLE FOR AN AUDIT U/S. 44 AB. BUT SOME1 SAYS HE IS LIABLE FOR TDS BUT NOT LIABLE FOR TDS SUBSEQUENT YEAR
Indudhar
(Tax Advocate)
(427 Points)
Replied 01 July 2009
No buddy, Dont worry not liable for tax audit u/s 44AB, but liable to tax audit if the Net Profit of a Retail Business is less than 5 % of the total sales turnover irrespective of the turnover limit..
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