TAX AUDIT APPLICABLE OR NOT

This query is : Resolved

CA. SANTOSH S KEWALRAMA (Querist)
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14 March 2009 A COURIOR COMPANY HAVING GROSS RECEIPTS FOR THE F.Y 2008-2009 IS RS.15,00,000/- AND TDS DEDUCTED BY THE CUSTOMERS OF THE COMPANY IS RS. 40000/-. WHETHER TAX AUDIT U/S 44AB IS REQUIRED OR NOT?

CA LOKESH KASAT, FCA, M.Com

CA LOKESH KASAT, FCA, M.Com (Expert)
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14 March 2009 Dear Santosh,
In case of business 44AB is applicable when turnover exceeds 40 lac, so here no question for Tax Audit.

CA.Tarun Maheshwari

CA.Tarun Maheshwari (Expert)
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14 March 2009 Tax Audit not applicable as the limit is 40 lacs for turnove to exceed.

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C A GROUP COACHING

C A GROUP COACHING (Expert)
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15 March 2009 NOT APPLICABLE.IT SEEMS YOU ARE GETTING CONFUSED BY THE GROSS RECEIPT CONCEPT, BUT IT IS FOR PROFESSIONALS & COURIER COMPANY DOEN NOT QUALIFY UNDER THAT CATEGORY, BUT IT IS CLASSED AS BUSINESS. SO LIMIT 40 LKHS
FOR 44AB
AMOUNT OF TDS BY CUSTOMERS HAS NO RELEVANCE