Applicability of tax audit

This query is : Resolved

Nachiket Jakhetiya (Querist)
Follow

30 June 2010 sir,
as per sec 44AB applicabilty of tax audit depends upon prescribed amt of sales, turnover or gross receipts are achieved.
pls tell me the meaning of "gross receipts". whether gross receipts includes income from other sources as interest, gift, winning and so on.
and if firm is having diversified business lines as investment,trading in securities and other business then will the interest form part of gross receipts?

Nachiket

Vimal Saini

Vimal Saini (Expert)
Follow

30 June 2010 No, Gross Recipts is considered only for Principle Business(Main Business) for the purposs of Sec. 44B.

If a person is running two different business, for Tax Audit Applicability Receipt of Main Business will be considered. Now thats depends on the judgement of Assessee, which he took as Main Business.

For futher calarification you can call/ mail me at 9871446653/vimal.saini@akgvg.com