44AB

Facts of the case

Company Has Business Income of Less than 40Lacs but income From Capital Gains is more than 5 Crores .

Relevant Provisions Referred:

As per S.44AB(1)(a)

 

⁴⁸Every person,—

          (a)  carrying on busine`ss shall, if his total sales, turnover or gross receipts, as the case may be, in business exceed or exceeds forty lakh rupees in any previous year ⁴⁹[***];

get his accounts of such previous year ⁵³[***] audited by an accountant before the specified date and ⁵⁴[furnish by] that date the report of such audit in the prescribed form duly signed and verified by such accountant and setting forth such particulars as may be prescribed :

Query

Whether 44AB Applied??

thanks Ankit for your sharing.

No need to get its accounts audited.

 

Devendra! Can you be a little Specific, pursuance to Some Citations since this matter has Already been Subject Matter of Many Appeals. Thank You

Section 44AB comes under Chapter IV - D of the Act and capital gains under chapter IV - E. Therefore no audit is required in this case.

agree with shikha...........

No need to audit.

no need

Originally posted by : Ankit Gulgulia
	Facts of the case Company Has Business Income of Less than 40Lacs but income From Capital Gains is more than 5 Crores . Relevant Provisions Referred: As per S.44AB(1)(a)   48Every person,—           (a)  carrying on busine`ss shall, if his total sales, turnover or gross receipts, as the case may be, in business exceed or exceeds forty lakh rupees in any previous year 49[***]; get his accounts of such previous year 53[***] audited by an accountant before the specified date and 54[furnish by] that date the report of such audit in the prescribed form duly signed and verified by such accountant and setting forth such particulars as may be prescribed : Query Whether 44AB Applied??

No need to audit bro..!!

no need to get accounts audited!!!!!!!!!!!