Section 44ab of income tax act 1961
This query is : Open
02 February 2016
Dear Experts,
If an INDIVIDUAL assesse has
turnover- Rs.85,00,000
total income from buisness or profession Rs. 3,15000
deductions under 80C - Rs.70,000
Net taxable income-245000 for the A.Y 2015-16
Then is he Liable for TAX AUDIT ????
If an INDIVIDUAL assesse has
turnover- Rs.85,00,000
total income from buisness or profession Rs. 3,15000
deductions under 80C - Rs.70,000
Net taxable income-245000 for the A.Y 2015-16
Then is he Liable for TAX AUDIT ????
02 February 2016
Yes your net profit is less than 8% of your turnover hence you are liable for audit
02 February 2016
Yes, if you declare less than 8% has business income, even though your gross turnover is less than 1 crore, you have to get audited u/s 44 AB you declared 3.7% Rs 315000/-
02 February 2016
Yes, if you declare less than 8% has business income, even though your gross turnover is less than 1 crore, you have to get audited u/s 44 AB you declared 3.7% Rs 315000/-
02 February 2016
Yes, if you declare less than 8% has business income, even though your gross turnover is less than 1 crore, you have to get audited u/s 44 AB you declared 3.7% Rs 315000/-
06 February 2016
BUT DEAR EXPERT ASSESSE NET TAXABLE INCOME AFTER DEDUCTIONS IS 245000/-
WHICH IS BELOW THE MAXIMUM AMOUNT CHARGEABLE TO TAX FOR THE A.Y 2015-16
SO IS HE STILL LIABLE FOR TAX AUDIT u/s 44AB ?
WHICH IS BELOW THE MAXIMUM AMOUNT CHARGEABLE TO TAX FOR THE A.Y 2015-16
SO IS HE STILL LIABLE FOR TAX AUDIT u/s 44AB ?
06 February 2016
yes if you declare less than 8% Income Than liable for Tax audit.
06 February 2016
AS PER SECTION 44AB-EVERY PERSON
(d) carrying on the Business shall, if the profits and gains from the business are deemed to be the profits and gains of such person under section 44AD and he has claimed such income to be lower than the profits and gains so deemed to be the profits and gains of his business and his income exceeds the maximum amount which is not chargeable to income-tax in any previous year
get his accounts of such previous year audited by an accountant before the specified date and furnish by that date the report of such audit in the prescribed form duly signed and verified by such accountant and setting forth such particulars as may be prescribed.
(d) carrying on the Business shall, if the profits and gains from the business are deemed to be the profits and gains of such person under section 44AD and he has claimed such income to be lower than the profits and gains so deemed to be the profits and gains of his business and his income exceeds the maximum amount which is not chargeable to income-tax in any previous year
get his accounts of such previous year audited by an accountant before the specified date and furnish by that date the report of such audit in the prescribed form duly signed and verified by such accountant and setting forth such particulars as may be prescribed.
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