02 October 2013
THERE IS ONE REAL ESTATE PARTNERSHIP FIRM IT HAS COLLECTED MORE THEN 1 CR AS ADVANCE FOR SALE OF OPEN PLOTS IS IT THE SAID COLLECTION IS LIABLE FOR TORN OVER U/S 44 AB PLEASE CONFIRM
Querist :
Anonymous
Querist :
Anonymous
(Querist)
02 October 2013
U/S 44 AB THIS NOT BECAUSE THE TAX AUDIT IS GROSS SALES OR GROSS RECEIPTS OF INCOME
02 October 2013
In my view advance received will be constitute the part of the turnover, If the turnover of the relevant year exceeds the prescribed limit i.e 1 crore, Tax Audit will be applicable U/S 44AB...