SCHEDULE TRIBE TAXBAUDIT REQUIRED
This query is : Open
08 October 2016
Dear Sir,
One of my friend who belongs to naga tribe covered under Schedule tribe, has a business of wholesale of clothes (local made woolen & cotton clothes etc) whose turnover is more than 1cr. He is new in all these and has no idea of taxation, can he has to done tax audit, or as he is exempted from income tax he dont have to donebaudit.....
plz advise
09 October 2016
Dear Sumit,
Thank God there's no reservation in taxation. it is an income based tax. income is taxed irrespective of caste. also provisions of the act are applicable everyone equally. so he is liable to tax audit.
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09 October 2016
Dear kaushik sir,
I am sure that ST (naga) in residing in nagaland are not liable to pay tax, but I am not sure whether they are liable to tax audit or not, Nome of thw naga tribe are paying tax here, so there is a caste based taxation system in india,
09 October 2016
and thanks for your answer.....
09 October 2016
Dear Sumit,
I did not intended to hurt your feelings. If you say no tax is applicable to assesses in Nagaland, I request you to please quote me a section. There's a possibility that I may be unaware but a reference to section will be helpful. Just because people don't file tax does not imply tax is not leviable. You'll need to see the provisions of the income tax act.
Again I had no intentions to hurt your feelings.
09 October 2016
Dear kaushik sir,
Its nothing like that I am hurt, I just said what I have heard and what I am noticing here in nagaland, in nagaland naga tribes are categorise in scheduke tribe and may it is somewhere mention in the it act that naga residing in nagalnd are tax free, even some of them claim refund for tds, I just want to be sure about the procedure of the law/act which to be followed by my friend inorder to be tax free, I am not aware of the act thats y I am asking here my query, its you who has better knowledge of the law than me, I am just describing the facts what I am observing here, so plz dont get it personal or otherwise and Help me in my confusion about the tax audit of st person having turnover more than 1 cr.
09 October 2016
Assessee having more than 1 crore turnover is required to conduct tax audit u/s 44AB. Hope this solves your query.
09 October 2016
OK THANKS......
09 October 2016
your welcome. kindly give a thumbs up next to my name if you like the response.
13 October 2016
Kaushik, you may refer to Clauses 26, 26A, 26AAA of Section 10 which deal with these exempt incomes earned.
I think despite the exemption, the person would still have to obtain a tax audit as the provision of Section 44AB refers to every person whose turnover crosses a limit and not every assessee.
Nevertheless it is a very interesting question.
I think despite the exemption, the person would still have to obtain a tax audit as the provision of Section 44AB refers to every person whose turnover crosses a limit and not every assessee.
Nevertheless it is a very interesting question.
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13 October 2016
Dear Anand Sir,
Yes, Section 26 applies here. Thank you for your wisdom Sir. As regards audit, they're required to conduct. Thanks once again.
15 October 2016
ok thanks sir,
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