Applicability of audit provision u/s 44ab
This query is : Resolved
19 August 2011
Dear Colleagues,
Can some one clarify whether in following case I.Tax Audit U/s 44AB is applicable.
90, 00,000/- Op. Stock
2,25,000/- Purchases
12,00,000 Purchases Return (out of Op. Stock) within permissible time limit
1,00,000/- Sales
79,35,000/- Entire Stock retained (taken) by one of the Partner, for which his capital a/c is debited at book value of stock and accordingly as on 31-03-11, the said Partner’s has –ve capital bal. of Rs. 50 Lac.
10000/- Gross Profit
2000/- Net Profit
Can some one clarify whether in following case I.Tax Audit U/s 44AB is applicable.
90, 00,000/- Op. Stock
2,25,000/- Purchases
12,00,000 Purchases Return (out of Op. Stock) within permissible time limit
1,00,000/- Sales
79,35,000/- Entire Stock retained (taken) by one of the Partner, for which his capital a/c is debited at book value of stock and accordingly as on 31-03-11, the said Partner’s has –ve capital bal. of Rs. 50 Lac.
10000/- Gross Profit
2000/- Net Profit
19 August 2011
Since u will pas entry for sale in the books of accounts to debit the partners book tax audit would be applicable.
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