Tax Audit

Save Share

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?

s v rajesh

s v rajesh (Expert)

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.

Guest

Guest (Expert)

02 February 2011 STCG it will not be included in the turnover

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now