a person having a business. his business turnover is 38 lakh during the year.his minor income is rs 10 lakh. which is to be clubbed in his hand.whether that person has to submit tax audit report u/s 44 AB. what is his tax liablity ...................................
10 Replies
SSG
(1936 Points)
Replied 23 December 2009
Tax Audit is required only when gross receipts from business exceeds Rs. 40 lacs.
I think this has to be seen before clubbing provisions.
shailendra
(C.A. FINAL)
(189 Points)
Replied 23 December 2009
The limit of Rs. 40 Lacs is to be seen only from the receipts from the business. The clubbing provisions will not effect the total receipts from the business.
Vaishali Bopardikar
(CA final passed)
(109 Points)
Replied 23 December 2009
No
Sec 44AB is not applicable.
CA.Sonia
(professional)
(517 Points)
Replied 23 December 2009
Hey it is not applicable just calculate on the gross receipts .
BIJAY KUMAR RUNGTA
(CA FINAL STUDENT)
(85 Points)
Replied 23 December 2009
Rs.100000 or 1% of goss receipts whichever is lower...........................
CA LOVELY ARORA
(C.A. B.Com (H) Graduate)
(2151 Points)
Replied 23 December 2009
no........tax audit.........
NARENDER PAWAR
(CA final Student)
(337 Points)
Replied 24 December 2009
NO NEED OF SUBMIT TAX AUDIT REPORT U/S 44AB, TAX AUDIT REPORT IS SUBMITTED WHEN GROSS INCOME OF BUSSINESS IS 40 LACS OR ABOVE. MINOR INCOME IS CLUBBED BUT THEIR IS NO NEED SUBMIT TAX AUDIT REPORT
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