Tax audit

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..... Tax audit
Query (Issue) Started By: - naveen saldi Dated:- 4-2-2009 Last Reply Date:- 9-2-2009 Income Tax
Got 1 Reply
Income Tax
whether gross receipts or turnover u/s 44AD, 44AE and 44AF .....

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..... will qualify for tax audit. let us suppose that gross turnover under all the three sections exceeds Rs.40 lacs, is there any requirement of tax audit Reply By DEV KUMAR .KOTHARI: The Reply: Separat .....

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..... e limits are for determination of tax laibility for three catagories of income of the same assessee engaged in three activities. As per S. 44AB (c) TAR is required only when the income claimed is less .....

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..... than specified in respective sections. In thos cases, in my view TAR is required simply if income claimed is less than deemed profit or gain, irrespective of amount of turnover of such business. For .....

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..... example suppose business income u/s 44AD and 44AE is taken on presumptive basis but income is lower than presumptive basis in case of 44AF, or suppose there is loss, in that case TAR for 44AF business .....

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..... only will berequired even if total turnover of all business is less than 40 lakh.
Discussion Forum - Knowledge Sharing .....

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