Tax Audit
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
02 February 2011
Dear Experts,
In case of presumptive taxation there is a following clause.
"If the assessee wishes to declare income lower than presumptive income and his total income exceeds the maximum amount which is not chargeable to tax ,then he is liable to maintain books of accounts as per section 44AA and get his accounts audited u/s 44 AB"
Effective from FY 2010-11 the T.O. limit for tax audit is set at 60 lacs.However the above clause is confusing.If there is a STCG,will it be included in the turn over to determine the tax audit liability?
In case of presumptive taxation there is a following clause.
"If the assessee wishes to declare income lower than presumptive income and his total income exceeds the maximum amount which is not chargeable to tax ,then he is liable to maintain books of accounts as per section 44AA and get his accounts audited u/s 44 AB"
Effective from FY 2010-11 the T.O. limit for tax audit is set at 60 lacs.However the above clause is confusing.If there is a STCG,will it be included in the turn over to determine the tax audit liability?
02 February 2011
Sec.44AD,AE,AF - Presumptive Taxation - deals with only these sections if the assessee business category falls under these sections.
If a person is having Income under the head Capital gains means its out of these sections(Sec.44AD,AE,AF). So if he's having STCG it will not be included in the turnover, he need to pay tax subject to max. limit of 160/190/240.
If a person is having Income under the head Capital gains means its out of these sections(Sec.44AD,AE,AF). So if he's having STCG it will not be included in the turnover, he need to pay tax subject to max. limit of 160/190/240.
Guest
Guest
(Expert)
02 February 2011
STCG it will not be included in the turnover
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