Sec.44aa & sec.44ab
This query is : Resolved
28 November 2011
Dear All,
Kindly tell me the difference between Sec.44AA & Sec.44AB?
also, whether both the sections are applicable to an assessee?
Thanks & Regards
Shreya
Kindly tell me the difference between Sec.44AA & Sec.44AB?
also, whether both the sections are applicable to an assessee?
Thanks & Regards
Shreya
28 November 2011
Section 44AA prescribes the maintenance of the books by the assessees. I.e it says whose are maintain the books and which type of books are required to maintain by the act.
Section 44AB prescribes requirement of the doing Tax audit as per this section for the business holders whose gross turnover/receipts exceeds Rs.60 lacks(from A.Y.2011-12) and for professionals whose gross receipts are exceeds Rs.15 lacks (from A.Y.2011-12) are should be do Tax audit as per this section.
OM SAI SRI SAI JAI JAI SAI
Section 44AB prescribes requirement of the doing Tax audit as per this section for the business holders whose gross turnover/receipts exceeds Rs.60 lacks(from A.Y.2011-12) and for professionals whose gross receipts are exceeds Rs.15 lacks (from A.Y.2011-12) are should be do Tax audit as per this section.
OM SAI SRI SAI JAI JAI SAI
29 November 2011
My suggestion is please refer both the sections for clear and better clarification then you get the difference between the sections. However i explain you in short here.
As per section 44AB :- for the business holders whose gross turnover exceeds Rs.60 lacks and for the professionals whose gross receipts exceeds Rs.15 lacks and the assesses not covers under the above provision who offers lower income than as per section 44AD or 44AE are required to done TAX audit.
As per section 44AA :- This section says about the requirement to maintain the books by the assesses as per this section
1) whose gross receipts/sales exceeds Rs.1,50,000 are required to maintain the books
2) it specifies some persons those are should be maintain the books ir-relavent of gross receipts/sales
3) Tax audit assesses should be maintain books
4) which books are to be maintain.
Note: I only gives you an idea about both the sections from the above explanation for clear details please refer both the sections because there is different explanations and views if you have any doubt post your doubt to get clarification.
OM SAI SRI SAI JAI JAI SAI
As per section 44AB :- for the business holders whose gross turnover exceeds Rs.60 lacks and for the professionals whose gross receipts exceeds Rs.15 lacks and the assesses not covers under the above provision who offers lower income than as per section 44AD or 44AE are required to done TAX audit.
As per section 44AA :- This section says about the requirement to maintain the books by the assesses as per this section
1) whose gross receipts/sales exceeds Rs.1,50,000 are required to maintain the books
2) it specifies some persons those are should be maintain the books ir-relavent of gross receipts/sales
3) Tax audit assesses should be maintain books
4) which books are to be maintain.
Note: I only gives you an idea about both the sections from the above explanation for clear details please refer both the sections because there is different explanations and views if you have any doubt post your doubt to get clarification.
OM SAI SRI SAI JAI JAI SAI
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