Tax Audit
This query is : Resolved
26 November 2010
NET PROFIT OF ABC P LTD ARE AS
INCOME:-
BUILDING RENT;- 35 LACS
COMMISSION :- RS. 25 LACS
EXPENSES RELATED TO COMMISSION RS, 10lACS
NET PROFIT IS RS. 50LACS.
BUILDING RENT INCOME IS TAXABLE UNDER THE HEAD HOUSE PROPERTY.
WHETHER ABC P LTD IS LIABLE FOR TAX AUDIT U/S 44AB?
INCOME:-
BUILDING RENT;- 35 LACS
COMMISSION :- RS. 25 LACS
EXPENSES RELATED TO COMMISSION RS, 10lACS
NET PROFIT IS RS. 50LACS.
BUILDING RENT INCOME IS TAXABLE UNDER THE HEAD HOUSE PROPERTY.
WHETHER ABC P LTD IS LIABLE FOR TAX AUDIT U/S 44AB?
26 November 2010
NO, THE COMPANY IS NOT LIABLE FOR TAX AUDIT.
26 November 2010
As per section 44AB the turnover of the assessee should be more then 60 Lac. The Guidenance note on 44AB issued by ICAI also.
26 November 2010
The limit u/s 44AB has been increased from Rs 40 Lakhs to Rs.60 lakhs effectively from 01.04.2010 onwards that is F.Y.2010-11 (A.Y.2011-12).
Moreover the income from business (Turnover/sales/gross receipts) shall be counted for the purposse of Sec 44AB applicability. hence no tax audit is applicable in hte given situatation
Moreover the income from business (Turnover/sales/gross receipts) shall be counted for the purposse of Sec 44AB applicability. hence no tax audit is applicable in hte given situatation
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