Section 44ab applicable to society or not-urgent
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
26 June 2012
I would like to know whether section 44AB is applicable to a club registered under society act.
The club is having a loss from its operational activities.
If the section is applicable what will be considered as the gross receipts of the club- the revenue receipts only or both revenue receipts and membership fees (which forms part of capital receipts)
The society is not registered under section 12A of the Income Tax Act.
The club is having a loss from its operational activities.
If the section is applicable what will be considered as the gross receipts of the club- the revenue receipts only or both revenue receipts and membership fees (which forms part of capital receipts)
The society is not registered under section 12A of the Income Tax Act.
26 June 2012
As per section 44AB Every person carrying on business shall, if his total sales, turnover or gross receipts, as the case may be, in business exceed or exceeds 1 crores in any previous year is required to get its accounts audited from a practising CA.
Capital receipts forming part of corpus will not be included in it.
Capital receipts forming part of corpus will not be included in it.
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