Key issues-tax audit u/s 44ab

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buddy........ Excellent..... But a request....... Please post it in some word excel or pdf format so that we can dowlioad and keep.... 

Originally posted by : Priya
	buddy........ Excellent..... But a request....... Please post it in some word excel or pdf format so that we can dowlioad and keep....

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thanks.. very useful

superb!!!!!!!

Really very nice !!!

THANKS FOR THE POST ... VERY USEFUL

Thanks 

Please anyone tell me that the amount of  purchase of Fixed Asset is also consider in the Definition of Turnover for Section 44AB of Income TAx Act.

If the Client having the Bussiness of Builder and Developer.

waiting for reply.

Thanks for your efforts. It could be helpful in understanding Tax audit concept.

Thank you sir. It is very much useful.

But

I am not clear about the clause inserted in Section 44 AB(d).

44AB. Every person,—

[(d)  carrying on the business shall, if the profits and gains from the business are deemed to be the profits and gains of such person under section 44AD and he has claimed such income to be lower than the profits and gains so deemed to be the profits and gains of his business and his income exceeds the maximum amount which is not chargeable to income-tax in any previous year,]

get his accounts of such previous year 67[***] audited by an accountant before the specified date

After reading this section some doubts will arise…

1. ‘if the profits and gains from the business are deemed to be the profits and gains of such person under section 44AD’ what’s it’s meaning?
2. Whether every turnover bellow one crore is to be considered as said in section 44AD?
3. ‘and his income exceeds the maximum amount which is not chargeable to income-tax in any previous year’ what’s it’s meaning? Because ‘any previous year’ means whether n number of previous years or only one earlier previous year?
4. Is there any category like General Assessee, 44AB Assessee, 44 AD Assessee and so on?

Kindly clear my doubts.

Thanks with regards

Dinakar C Korishettar

email: dinakarkc @ hotmail.com

I have posted the above post because...

Assessee Details…

1. Status: Individual
2. Previous year (F.Y. 2011-12) there is a business loss. Tax Audit done as the business Turnover was more than Rs 60 Lakhs.
3. Other previous years income exceeded the maximum amount, which is not chargeable to income-tax and so tax audited.
4. For the Financial Year 2012-13 (A.Y. 2013-14) net profit (Rs 1,12,478  {1.32%}) is bellow maximum exemption limit and there is an agricultural income of Rs 9,58,498. And business Turnover (Rs 85,03,769) is less than 1 Crore.
5. He has been maintaining his books of accounts regularly.
6. Can any Tax Consultant or TRP file his ITR4, if it is not a Tax Audit case?
7. Which one is the last due date to file his return, if it is a Tax Audit case?

Please guide me whether his books of accounts have to be tax audited this year also or he can file his return without tax audit.

Thanks with regards,

Dinakar C Korishettar

Is this section applicable to foreign company having PAN card? Company from Singapore has signed a contract with Indian company to provide professional technical service for which they received big amount and TDS has been deducted by the Indian payee company. Fee received is more then 25 lacs. Valuable advise from the members will be appreciated.