audit u/s 44 ab

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

02 October 2013 THERE IS ONE REAL ESTATE PARTNERSHIP FIRM IT HAS COLLECTED MORE THEN 1 CR AS ADVANCE FOR SALE OF OPEN PLOTS IS IT THE SAID COLLECTION IS LIABLE FOR TORN OVER U/S 44 AB PLEASE CONFIRM

Querist : Anonymous

Querist : Anonymous (Querist)

02 October 2013 U/S 44 AB THIS NOT BECAUSE THE TAX AUDIT IS GROSS SALES OR GROSS RECEIPTS OF INCOME

CA Pallav Singhania

CA Pallav Singhania (Expert)
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02 October 2013 In my view advance received will be constitute the part of the turnover,
If the turnover of the relevant year exceeds the prescribed limit i.e 1 crore, Tax Audit will be applicable U/S 44AB...

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Querist : Anonymous

Querist : Anonymous (Querist)

06 October 2013 THANK YOU FOR GIVING ANSWER FOR MY QUESTION FOR AUDIT U/S 44 AB

BY MY QUESTION TO "MR ARYAN SINGHANIA (PALLAV) KINDLY CLEAR THE ANSWER WITH ACT OD 1961 44AB DIRECT ANSWER PLEASE