28 August 2007
A Pvt. Ltd. Company is providing software development consultancy services. During the financial year 06-07, the gross business receipts were around Rs. 24 lacs. Whether company is liable to tax audit u/s. 44AB of the Income Tax Act, 1961? Which limit would be applicable to it for tax audit - Rs. 40.00 lacs or Rs. 10.00 lacs? Please give urgent reply.
28 August 2007
A Pvt. Ltd. Company is providing software development consultancy services. During the financial year 06-07, the gross business receipts were around Rs. 24 lacs. Whether company is liable to tax audit u/s. 44AB of the Income Tax Act, 1961? Which limit would be applicable to it for tax audit - Rs. 40.00 lacs or Rs. 10.00 lacs? Please give urgent reply.
28 August 2007
the company in this case is NOT liable to tax audit u/s 44AB as the threshold limit is Rs. 40 lakhs. The comapny is not carrying any profession, so Rs. 10 lakhs limit does not apply to it.