44ab audit
This query is : Resolved
05 September 2012
Dear Sir
One of my clients have a turn over of Rs 98 Lakhs during 2011-12 and he received Rs 30 lakhs from one Govt Departments towards contract amount without deduction of TDS. My question is whether heis eligible for presumptive basis of taxation for contract receipts and for trading he is filing auditing u/s 44AB.
Kindly clarify
Thanks& Rgds
One of my clients have a turn over of Rs 98 Lakhs during 2011-12 and he received Rs 30 lakhs from one Govt Departments towards contract amount without deduction of TDS. My question is whether heis eligible for presumptive basis of taxation for contract receipts and for trading he is filing auditing u/s 44AB.
Kindly clarify
Thanks& Rgds
06 September 2012
No. Turnover means entire turnover of the assessee.
Message likes :
1 times
07 September 2012
Dear Sir
pls note that the contract is the supply of animal feeds like green podder, palm leaves , etc to a Zoo. All the purchases are from unregistered dealers.All the payments for these purchases are cash .Under these circumstances kindly advice and whether the cashpayments attracts disallowance u/s 40
RGDS
pls note that the contract is the supply of animal feeds like green podder, palm leaves , etc to a Zoo. All the purchases are from unregistered dealers.All the payments for these purchases are cash .Under these circumstances kindly advice and whether the cashpayments attracts disallowance u/s 40
RGDS
08 September 2012
It is not a contract. It is purely sale.
If the goods are agricultural product and purchased directly from grower and/or producer then section 40A (3) has no application.
If the goods are agricultural product and purchased directly from grower and/or producer then section 40A (3) has no application.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- ITC temporary reversal and reclaim
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Sale of property furniture sale
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- GST Regis.
- Tds on building rent monthly
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- Regarding Waiver of Interest levied u/s 50 of PGST/CGST Act
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
Trending Online Classes
CAclubindia
