Section 44ab
Anooj (Chartered Accountant) (2130 Points)
04 March 2012
Somebody Please Explain about Section 44AB......
1 Replies
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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