22 September 2011
A Co. dealing in trading of Goods, In FY 2010-2011 It had Rs. 5000000 turnover and It also Invest Fund in Mutual Fund and Share. and during this FY 2010-2011 It recd. 2500000 from Redemption of a Mutual Fund (LTCG Rs.1000000) and Rs. 1500000 from Redemption of Share (LTCG 105000 and STCG Rs. 350000)
I want to know that is Company is Liable to Tax Audit US 44AB or not For the FY 2010-2011
22 September 2011
Since the Turnover of Co. is less than Rs. 60 Lacs irrespective of other incomes the co. is not liable for Tax Audit u/s 44AB for FY 2010-11
22 September 2011
Oh... If it is included in object Clause then amount of investment in securieties should be added to Rs. 5000000 (i.e. trading of Goods turnover) & then the limit of Rs. 60 Lacs have to be taken into consideration for determining whether Co. is liable for 44AB or not.
CAclubindia
