Samrat Karar (110 Points)
11 January 2023
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(168037 Points)
Replied 11 January 2023
What are the percetage of cash expenditure and receipts of the total expd. & receipts, respectively??
Samrat Karar
(110 Points)
Replied 11 January 2023
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(168037 Points)
Replied 11 January 2023
In that case tax audit u/s. 44AB(a) of the act, will be applicable...
Samrat Karar
(110 Points)
Replied 11 January 2023
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(168037 Points)
Replied 11 January 2023
No penalty shall be imposed u/s 271 B,if assessee proves that there was reasonable cause for such failure.
[Section 273B] Reasonable Causes
a. Resignation of tax auditor and consequent delay;
b. Bona fide interpretation of the ‘turnover‘ based on expert advice;
c. Death or physical inability of the partner in charge of the account
d. Labor problems such as strike, lock-out for a long period, etc;
e. Loss of accounts because of fire, theft, etc., beyond the control of the assessee;
f. Non-availability of accounts on account of seizure;
g. Natural calamities, commotion, etc.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(168037 Points)
Replied 11 January 2023
Second alternative would be to file updated return u/s. 44AD of the act..
Thirdly, if only commission is taken as turnover... turnover would be much less for tax audit liability...
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