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Tax audit u/s. 44AB

vidya shetty (senior accountant) (105 Points)

25 September 2009

Every COmpany is liable to furnish the company audit report. If the turnover of the company is Rs. 900000/-. Wether the company is liable to furnish report under section 44AB?

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12 Replies

Max Payne (employed) (2574 Points)
Replied 25 September 2009

Not required. the company can produce the statutory audit report.

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Have a lot to achieve (C.A. B.Com(H)) (101 Points)
Replied 25 September 2009

Here Tax Audit U/S 44AB is not applicable as the turnover is just Rs. 9lacs(less than 40lacs)

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CA.Parsun Garg (JOB) (1380 Points)
Replied 25 September 2009

Every person carrying on business shall, if his total sales, turn over or gross recipts, as the case may be, in business exceeds Rs. 40,00,000 in any previous year

In the case of a person carrying on profession, if his gross receipts in profession exceeds Rs. 10,00,000 in any previous year

is required to get his accounts audited u/s 44AB.

So, If the turnover of the company is Rs. 9,00,000/- it is not liable for Tax Audit u/s 44AB at all.

Rajeev (www.rkmco.com) (985 Points)
Replied 26 September 2009

44AB not attracted since the t/o lower than 40 lakhs /10 lakhs. Also check if the revenue gross receipts are lower than 40 lakhs/10 lakhs.

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CA Trinath Galla (student) (3130 Points)
Replied 23 October 2009

statutory audit is applicable as it is a company,

but tax audit is not applicable

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Girish Mathuria (STUDENt) (138 Points)
Replied 24 October 2009

section 44 AB is not attracted because turnover is less then the limit... rs. 40,00,000

biren (Accountant) (68 Points)
Replied 24 October 2009

My client is engaged in stock market business. if his turnover is rs. 2000000/- in intraday & rs. 2500000/- in delivery basis. whether he is liable for tax audit u/s. 44AB