HI
a company has written off creditors of rs.60Lakhs as income. does 44AB attract this
I Think it is not applicable what do you feel
2 Replies
Jyoti Malik
(ACCOUNTANT)
(2644 Points)
Replied 05 December 2008
| Originally posted by :praveen | ||
| " | HI a company has written off creditors of rs.60Lakhs as income. does 44AB attract this I Think it is not applicable what do you feel |
" |
hi
I think that company covered under44ab
CA Rohit Meher
(Consultant)
(44 Points)
Replied 05 December 2008
| Originally posted by :praveen | ||
| " | HI a company has written off creditors of rs.60Lakhs as income. does 44AB attract this I Think it is not applicable what do you feel |
" |
hi
As per sec. 44AB if turnover exceeds Rs. 40 lacs then only tax audit is apllicable hence in the given case write off of creditor is not treated as turnover of the company therefore if turnover of the company exceeds Rs.40 lacs then only tax audit is applicable otherwise not.
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