44AB

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Exemption for audit of accounts u/s 44AB increased to Rs 2 crore


The existing provision of section 44AB of the Act inter alia provides that every person carrying on the business is required to get his accounts audited if the total sales turnover or gross receipts in the previous year exceeds one crore rupees The threshold limit for applicability of presumptive ta

Reporting Cash Transactions under Rule 114E of IT Rules, 1962


Rule 114E of Income Tax Rules 1962 for furnishing Statement of Financial Transactions SFT came into force with effect from 1st April 2016 Any person who is liable for audit under section 44AB of the Income Tax Act 1961 is required to furnish a statement in respect of transaction at serial no 11 of R

CBDT clarifies due date extension also applicable to Accounts audited under sec 44AB


F No 225 195 2016 ITA II Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes North Block New Delhi Dated the 14th of September 2016 Clarification req u s 119 of the Income tax Act 1961 dated 9th September 2016 Central Board of Direct Taxes vide order u s 119 o

Clarification regarding threshold Limit of tax audit under section 44AB and 44AD


Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi the 20th June 2016 Sub Threshold Limit of tax audit under section 44AB and section 44AD clarification regarding Section 44AB of the Income tax Act the Act makes it obligatory for every person carryi

CBDT extends ITR Due date to 30.11.2014


F No 153 53 2014 TPL Pt I GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE CENTRAL BOARD OF DIRECT TAXES North Block TPL Division New Delhi the 26th September 2014 Order under section 119 of the Income tax Act 1961 Section 44AB of the Income tax Act 1961 the Act read with rule 6G ofthe

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Experts Opinions

Audit u/s 44ab due to opting out from 44ad in ay:2017-18


If an assessee had filed his return u s 44AD in AY2016 17 and now he is opting out from 44AD and going to file his return in AY2017 18 under normal provision will it be mandatory for him to get his accounts audited u s 44AB or this provision is applicable from next AY is 2018 19 EXPECTED TURNOVER IN

Tax audit u/s 44ab


Dear Sir What is the tax audit u s 44AB turnover limit for the financial year 2016 17 and 2017 18 Thank You

Sec.44ab (tax audit)


HELLO Whether an assesse who does not fall in Sec44AB limit for tax audit still if he wants to get tax audit today after tax audit due date so whether penalty under sec 271B will be imposed or not as this penalty for those mandaory assesssee who come under purview

Section 44ab and section 44ad


As per latest amendment bill passed sec 44AD prescribes limit of Total turnover not exceeding Rs 2 cr is applicable to prescribed persons However Sec 44AB prescribes limit of total turnover if exceeding of Rs 1 cr required to get his accounts audited Query is that If assessee want to opt sec 44AD in

revision of 44ab audit report


how a audit report filed under 44ab can be revised due to wrong implications of 269ss and 269t

Discussion

Tax audit u/s 44ab

If a person is getting rental income of more of 2 crores from the properties owned by him Is he responsible for tax audit Under 44AB only gross receipts from business profession covered As per my view its not taxable as this is not a business profession Is this a loop whole in the law Same person ca

44AB

Good morning I am attending one Doctor file below I mentioned his gross income which I gave in detail pls go through with dat nd let me know whether he vl come for tax audit r not salary from the institution 8 28 636income from partnership firm 15 59 437Scanning collection 13 22 550Rent received 6 2

Tax audit u/s44AB

As per latest 3CD information reporting can we relyon certificate from management on any matter if yes then what are those

Audit u/s 44ab of the income tax act,1961

TURNOVER DEFINITION IS NOT GIVEN UNDER THE ACT ONLY SALES AND GROSS RECEIPTS DEFINITION IS GIVEN SO WHETHER TURNOVER INCLUDES PURCHASE ONE OF MY CLIENT IS HAVING SALES RS 90 LACS AND HIS PURCHASE IS ABOVE ONE CRORE SO WHILE SELECTING SECTION FOR AUDIT WHETHER I SHOULD SELECT AUDIT U S 44AB a I E TUR

44ab limit for outsourcing services

Hello One of our Clients Provide Architectural Design Services To its Foreign Parent Company It is having turnover of 75 Lakhs so will Tax audit under 44AB be applicable to it considering as Profession or Limit will be 1 Crore Thanks

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Is there a need to apply Fuzzy Logic in sec 44AB?


Sec 44AA of the Income tax Act stipulates about the compulsory maintenance of Accounts by Certain persons carrying on business or profession and return their income under the head Profits Gains of Business or Profession What is the limit up to which no requirement for maintenance of books of account


Understanding of 44AB -Tax Audit


Introduction The main objects of any audit are a To certify to the correctness of the financial position as to shown in the Balance sheet and the accompanying revenue statements b The detection of errors c The detection of fraud The detection of fraud is generally regarded as being of primary import


Some lights on sec 44AA, 44AB, 44AD


44AA MAINTENANCE OF BOOKS OF ACCOUNTS WHO SHOULD MAINTAIN a If a person carrying on business profession and income from such business profession has exceeded 1 20 000 in any of the three p y or current p y for newly set up business b If turnover gross receipts has exceeded Rs 10 lacks in any of the


Audit under section 44AB


I have discussed the various provisions with respect to section 44 AB below The following persons are liable to get their books of accounts audited compulsorily by a Chartered Accountant 1 A person carrying on business if the total sales turnover or gross receipts from the business in the previous y


Section 44AB - What if ITR not filed by Sep?


Dear Friends Everytime the deadlines approches there seems to be a lot of confusion over if the penalty 271B for failure to furnish the Tax Audit Report u s 44AB The confusion appears to have arisen due to fragmented reading of circular No 5 The circular no 5 dated 26 07 2007 states the following Th


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Updated on : 2/24/2017 10:12:08 AM


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