Tax Audit U/s 44AB
This query is : Resolved
25 August 2009
A Registered Partnership Firm has a purchase of Rs. 70 lakhs during the financial year 2008 - 2009 which is held in stock as on 31/03/2009. There is no sales at all during the year.
Please advise whether this firm has to get Tax Audit done under Section 44AB for the Assessment Year 2009 - 2010?
Please advise whether this firm has to get Tax Audit done under Section 44AB for the Assessment Year 2009 - 2010?
25 August 2009
Tax audit is decided based on the sales/turnover/gross receipts. In the given case since there is no sales, tax audit is not applicable to the assessee.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- GST on export of services and Input Credit
- ITC temporary reversal and reclaim
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- GST ON EXPORT COMMISSION
- RCM INVOICING FROM NOV-2024
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Regarding Waiver of Interest levied u/s 50 of PGST/CGST Act
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
Trending Online Classes
CAclubindia
