Is there is any minimum limit for deducting tax on Freight
for example : If freight charges are Rs 5000. Then we will deduct the tax or not?
Naveen Chand Khulve (CA) (1521 Points)
03 December 2008Is there is any minimum limit for deducting tax on Freight
for example : If freight charges are Rs 5000. Then we will deduct the tax or not?
Jitender
(Chartered Accountant)
(8724 Points)
Replied 03 December 2008
limit is 20000 per bill and 50000 overall per year.
I have 2 doubts
1.) A partnership firm having turnover of Rs. 19 Lakhs, but on 31-3 there is a net loss then whether tax audit is mandatory.
2.) return filed on 31-07-2008 of A.Y. 07-08 then what is the time limit for issuing the notice for scrutiny, cause we have received notice in this month.
| " | I have 2 doubts 1.) A partnership firm having turnover of Rs. 19 Lakhs, but on 31-3 there is a net loss then whether tax audit is mandatory. 2.) return filed on 31-07-2007 of A.Y. 07-08 then what is the time limit for issuing the notice for scrutiny, cause we have received notice in this month. |
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earlier by mistake written 2008
CA O.P. SINGH
(O P Singh & Co.)
(426 Points)
Replied 04 December 2008
1) tax audit is not mandatory for you
2) notice can be issued till end of 1 year from end of assessment year
LIVE Form 10 B and Form 10BB: Handle Tax Audit Reports of Charitable Organizations(with recording)
CAclubindia
