Applicability of tax audit
This query is : Resolved
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
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
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
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
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
- Where to show the RCM on Rent paid to unregistered landlord
- Is Aadhar PAN linking required for opening bank account?
- Applicability
- CPC Processing IT Return for AY 2023-24 without recognizing the Taxation Option under New Regime
- Offsetting interest income against derivative trading losses
- RCM - commercial rent paid to URP under GST
- TDS NUMBER SURRENDER
- Legal heir raised refund , but refund issued to the closed account of deceased.
- Gst Sales of FY 2023-24
- GSTR-3B - Do I file nil when there is no sale but I've bought raw materials
- Whether still royalty
- 20% OF DEMAND PAYMENT IN APPEAL
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- 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 Resignation by Auditor from Pvt. Ltd.
Trending Online Classes
-
Excel Mastery Program
CA Rishabh Pugalia
CAclubindia
