Section 44ab

Anooj (Chartered Accountant) (2130 Points)

04 March 2012

Somebody Please Explain about Section 44AB......

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RaGHuRaM (The Easy are never Good and the Good are never Easy....) (4952 Points)
Replied 05 March 2012

This section deals with compulsory audit of a/cs

Applicability

Person carrying on business - total sales or gross receipts exceed 60,00,000

Person carrying on profession - gross receipts exceeds 15,00,000

Person carrying on business referred to u/s 44AE,44BB or 44BBB - claiming lower income than profits and computed under these sections.

Person carrying on business referred to u/s 44AD claiming lower income than profits and computed u/s44AD(1)

Submission of report - Audit report from CA should be filed on or before 30th September of the relevant Asst Year.

If accounts are to be audited under any other law - Audit report under such law should be filed before 30th september.

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