applicability of tax audit.

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Arun chaturvedi (Querist)
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25 September 2008 A firm has a gross turnover of Rs.3996000 from business profession. It has also a income of Rs 5000 from other sources(i.e interesr income). Whether he is liable for tax audit or not.

CA RAMESH KUMAR AHUJA

CA RAMESH KUMAR AHUJA (Expert)
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25 September 2008 No, provisions of section 44AB are not applicable

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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25 September 2008 Since the gross receipts from business or profession is < Rs.40 Ls section 44AB of the Income tax act,1961 is not aplicable.

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Ravikumar.G

Ravikumar.G (Expert)
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25 September 2008 If that interest income which is incidental to the business it will be treated as business income in that situation Tax audit is applicable.

CA RAMESH KUMAR AHUJA

CA RAMESH KUMAR AHUJA (Expert)
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25 September 2008 Dear Ravikumar ji,
Even then the Tax Audit is not required.