Section 44AB of Income Tax Act-certain points

0 comments Wednesday, September 26, 2012
Due date of filing Income tax return for assessees who are liable to get their books of accounts audited is 30th September. Since the due date is nearing, lets get some points refreshed on section 44AB.
Who has to get his accounts audited compulsorily:

1.A Person carrying on business is required to get his books of account compulsorily audited u/s 44AB If the total sales, turnover or gross receipt in business for the previous year relevant to assessment year exceed or exceeds Rs. 60 Lakh for the Assessment year 2011-12 and 2012-13 (Rs. 1 Crore from the assessment year 2013-14).
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