TaxTMI 
TaxTMI 
whether gross receipts or turnover u/s 44AD, 44AE and 44AF will qualify for tax audit. let us suppose that gross turnover under all the three sections exceeds Rs.40 lacs, is there any requirement of tax audit
Tax audit
04 Feb 2009 
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Tax audit requirement arises when presumptive income claimed is below the prescribed presumptive amount, triggering audit for that business.
Tax audit obligation is assessed separately for each presumptive business: an audit is required for any activity where the income claimed is lower than the applicable presumptive amount or shows a loss, and this requirement arises irrespective of the aggregate turnover of all the assessee's businesses. (AI Summary)
Tax audit obligation is assessed separately for each presumptive business: an audit is required for any activity where the income claimed is lower than the applicable presumptive amount or shows a loss, and this requirement arises irrespective of the aggregate turnover of all the assessee's businesses. (AI Summary)