A proprietorship firm having tax audit u/s 44AB consecutive last 3 years, current year Turnover is Rs 38 lacs only.
Is the firm required to get accounts audited this year too?
Pls update with some references.
Thanks
SKA
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Tax audit u/s 44AB
Replies (4)
not required
no, tax audit is not required
This Year Tax Audit Not Required as Turnover is less than Rs. 40 Lacks i.e. below Limit!!!!!!!!!!!
HI DEAR,
OF COURSE NOT. FOR ELIGIBILITY TO GET TAX AUDIT DONE, THAT YEAR'S TURNOVER/ GROSS RECEIPTS IS IMPORTANT AND TURNOVER/ GROSS RECEIPTS OF LAST YEAR'S DOESN'T HOLD ANY RELEVANCE FOR TAX AUDIT ELIGIBILITY IF THE CURRENT YEAR.
REGARDS,
MANOJ
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