Audit
This query is : Resolved
23 August 2013
Good Morning to all,
Tax audit Limit for F.Y. 2013-14 is Rs. 100 Lacs for business Receipts and Rs. Fifty 25 Lacs for Professiona Receipts.
My Query is as follow:-
If a Person running a business and having turnover Rs. 90 Lacs (works contract). out of 90 Lacs he has paid Service Tax @ 12.36 of Rs. 333720/- on 30% of the Total value .i.e. 27 Lacs. and WCT @ 4% of Rs. 288000/- on 80% of the Total Vale i.e., 72 Lacs.
Please let me know the applicability of Tax
Audit or not.
Anil
Tax audit Limit for F.Y. 2013-14 is Rs. 100 Lacs for business Receipts and Rs. Fifty 25 Lacs for Professiona Receipts.
My Query is as follow:-
If a Person running a business and having turnover Rs. 90 Lacs (works contract). out of 90 Lacs he has paid Service Tax @ 12.36 of Rs. 333720/- on 30% of the Total value .i.e. 27 Lacs. and WCT @ 4% of Rs. 288000/- on 80% of the Total Vale i.e., 72 Lacs.
Please let me know the applicability of Tax
Audit or not.
Anil
23 August 2013
If gross receipts or gross turnover is less then 1 crore in case of business entity then no tax audit is applicable u/s 44AB.
23 August 2013
Thanks Mr. Sampat....what about Professional Receipts Rs. 27 Lacs.....
23 August 2013
Thanks Mr. Sampat....what about Professional Receipts Rs. 27 Lacs.....
23 August 2013
For professional person if gross receipts exceeds 25 lakhs then tax audit is applicable under same section.
23 August 2013
Profession Person Means---CA, Advocates, Doctors..etc.....he is not CA, Advocates, Doctors. Now Audit applicable or not ?
23 August 2013
then what is the profession of that person specify that.
23 August 2013
He is Trader recently got contract for construction of house.... one AMC of landscaping
Profess Receipts of Landscaping contract 80000*12 : 960000
Deemed profession Receitps Rs. 27,00,000/- under works contract (30% of Rs. 90,00,000/- contract value)
Profess Receipts of Landscaping contract 80000*12 : 960000
Deemed profession Receitps Rs. 27,00,000/- under works contract (30% of Rs. 90,00,000/- contract value)
25 August 2013
Construction of house is considered as income from profession only you are liable to tax audit under sec 44AB in this case.
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