sir,
An individual has a gross turnover from Wholesale trading of Rs39 laks .he is in receipt of Rs 25000 as interest on bank deposits and Rs 80000 as commission for arranging Real estate transactions.
The total of all the above comes to just above Rs 40 lakhs- is it liable to Audit u/s 44 AB ? and also clarify whether the law is very clear on this point
I believe that it makes a lot of difference if the trading activity can be said to be RETAIL as it falls u/s 44AF.

Thank you for the solution -in this case supposing that the interest received is from personal investments such as ordinary bank deposits, the total turnover will be the sum total of 39 lakhs amd Rs 80000 (commission) - in which case there is no requirement of 44 AB audit - will you please confirm

Sir, I am having following doubts regarding gift tax. Kindly clarify.

1. Gift exceeding rs 25000 from non relatives is taxable

a. whether entire amount is taxable or amount exceeding Rs 25oo is taxable.
b. If gifts are received from two or more persons and all of them are less than 25000 individually,and exceeding Rs 25000 in total. Then how it is taxed.
c. Is it applicable to cash only or gift received in kind.

Thanks in advance

can any one tell me the forms from A to H.
Please dont give any links but solve hare only
THANX.

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i have a client, who has a income from HP-Rs,187822,and he is partner in 2 firms,from both firm he is getting remuneration & interest. Apart from that he is also doing construction business and he is taking benefit of Section 44AD.He incurred some expenses like Petrol Exp.,Dep.On Car,Interest on Car Loan,Professional Fees against income from Partnership Firm. His income U/s 44Ad is Rs.17220,Remuneration+Interest is Rs.57046 and against this both income he has incurred above exp. Rs.145234. Now Question is that whether Income U/s 44AD be set off against above Expenses or 44Ad will charge sepreatly?

i have a client, who has a income from HP-Rs,187822,and he is partner in 2 firms,from both firm he is getting remuneration & interest. Apart from that he is also doing construction business and he is taking benefit of Section 44AD.He incurred some expenses like Petrol Exp.,Dep.On Car,Interest on Car Loan,Professional Fees against income from Partnership Firm. His income U/s 44Ad is Rs.17220,Remuneration+Interest is Rs.57046 and against this both income he has incurred above exp. Rs.145234. Now Question is that whether Income U/s 44AD be set off against above Expenses or 44Ad will charge sepreatly?