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Brokarage or Commission

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07 August 2010 Is it necessary to audit the books of account U/S 44AB of income tax Act., in the case of Brokarage or commission exceeds Rs. 40 lakhs for the A.Y. 2010-11.
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
07 August 2010 Yes Tax Audit is compulsory.
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Aditya Maheshwari

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Aditya Maheshwari (Expert)
07 August 2010 Yes audit u/s 44AB required as turnover exceeds Rs. 40 lakhs during the year.

From next year turnover limit Rs. 60 lakhs.
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VINOD ARORA

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VINOD ARORA (Expert)
07 August 2010 Yes, its mandatory in the given case.
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Murtaza I Bhagat

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Murtaza I Bhagat (Expert)
07 August 2010 agreed, if current year exceeds rs.40 lacs t.o audit compulsory. but next yes it may be bcs limit is going to be rs.60 lacs.

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