Question ID : 29611

IF TURNOVER IS LESS THAN ONE CRORE AND NET PROFIT IS LESS THAN 8% THEN IS AUDIT U/S 44AB APPLICABLE?

BEFORE FINANCE ACT 2016, AUDIT WAS TO BE CARRIED OUT EVEN IF THE TURNOVER WAS LESS THAN RS.1 CRORE IF NET PROFIT IS LESS THAN 8, PROVIDED THAT GROSS TOTAL INCOME EXCEEDS BASIC EXEMTION LIMIT. IS THIS THE SAME SITUATION AFTER FINANCE ACT 2016. PLEASE GUIDE ON THE SAME.

posted by BHAIRAV P JAIN on Apr 30 2018 12:00AM