Section 44ab
This query is : Resolved
06 August 2012
Section 44AB reads... Every person,—
(a) carrying on business shall, if his total sales, turnover or gross receipts, as the case may be, in business exceed or exceeds [sixty lakh rupees]] in any previous year;
....
Here section states... any previous year...
If the turnover in FY 2009-10 is Rs. 75 lakhs; FY 2010-11 is Rs. 41 lakhs; FY 2011-12 Rs. 35 lakhs. Whether he is needs to be audited u/s 44AB? Let us also assume his profit is also more than 8% in FY 2011-12
(a) carrying on business shall, if his total sales, turnover or gross receipts, as the case may be, in business exceed or exceeds [sixty lakh rupees]] in any previous year;
....
Here section states... any previous year...
If the turnover in FY 2009-10 is Rs. 75 lakhs; FY 2010-11 is Rs. 41 lakhs; FY 2011-12 Rs. 35 lakhs. Whether he is needs to be audited u/s 44AB? Let us also assume his profit is also more than 8% in FY 2011-12
06 August 2012
yearwise limits are notified by the Govt. Accordingly the tax audit is carried out. for fy 12-13 limit is 1 crore
06 August 2012
For AY 2012-13 relevant to FY 2011-12, he is not under the tax audit.
.
.
06 August 2012
Here any does not mean "any".
Your doubt about " any previous year"
will clarify if you will continue to read there after clause (d)
"get his accounts of such previous year...."
.
Your doubt about " any previous year"
will clarify if you will continue to read there after clause (d)
"get his accounts of such previous year...."
.
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