APPLICABILITY OF TAX AUDIT U/S 44 AB IN CASE OF CLUB

This query is : Resolved

DEEPAK BATRA (Querist)
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06 December 2010 Whether a club is liable for Tax Audit U/S 44AB of the I T Act
Following are the receipts of the club

Annual Subscription Rs 7.00 Lacs
Membership Fee 31.00 Lacs
Bar Sale 10.00 Lacs
Lease Income 10.00 Lacs
Card Room, Billard Room
Kitty Hall etc charges 13.00 Lacs
Total 71.00 Lacs

Please advice
Thanks

Jatin Gupta

Jatin Gupta (Expert)
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07 December 2010 Dear Deepak,

The applicable tax audit limit for FY 2010-11 is INR 60 lacs. Since, in the instant case revenue receipts are more than INR 60 Lacs, it shall be liable to tax audit.

Regards,

Jatin
jatingupta@vgglobal.co.in
www.vgglobal.co.in