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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44ab and 44ad


Section 44ab r/w section 44ad

Respect Sir What if a partnership firm non LLP being eligible assesse having turnover less than 2 crore with profit before allowing partner s interest and remuneration more than 8 percent but after allowing partner s interest and remuneration as per section 44 b profit falls below 8 percent whether

Section 44ab regarding the audit and tax liablity

Dear Sir Madam My Client is Transporter opted Section 44AE as have 5 Trucks and Filled Return accordingly for the AY 2015 16 His total Freight Receipt in Bank Rs 92 56 Lakhs whereas His total freight which he billed Value Rs 1 28 Crore and same is reflated in the 26AS Got Notice u s 142 1 From IT De

Derivatives (Futures &options ) Trading. Computation of limit for audit u/s 44AB.

Assessed have carried Share Trading in Futures options derivative Turnover Rs 2 crore Loss Rs2 5o lakhs Whether required to 44AB AUDIT what is the basis for such audit if not liable to audit in which ITR return is to be filed

Tax audit 44ab

sir please give me answer for the following problem a firm has loss during the P Y and their turnover for the period is 5 00 000 whether tax audit is applicable for them by invoking provision under section 44AB that the person is carrying on B P and is covered under the provisions of section 44AD 44


Audit under 44AB

Can you please tell me which section says that if we declare less than 8 we have to get books of accounts audited for the FY 2016 17

Gross receipts for tax audit u/s 44ab

Please clarify that whether gross receipts for turn over purpose u s 44 ab includes bad debts written off of the previous year debtors

44ADA & 44AB applicability

professional income is 600000 other source 200000 Can he opt for ITR 3 Is the audit applicable


Tax Audit limit for professional AY 2017 18 is Rs 50 00 000 If the assessee has professional income of Rs 30 00 000 and doesnt wants to opt for presumptive income under which category he will come in the attcached file of ITR for AY 2017 18

Turnover for the purpose of Tax Audit u/s 44AB

Does reimbursement of expenses form part of Total turnover u s 44AB 1 Reimbursement of expenses are shown separately in Invoice along with Taxable Amount 2 Documents or vouchers or Invoices for Reimbursement of expenses are in the name of the customer of the assessee3 reimbursement of expenses are c

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Tax Audit (Sec 44AB) limit for Business is 1 Crore or 2 Crore?

What is Audit Audit means an inspection of books of accounts by some officials or some specified persons for the purpose of establishing the fact that the accounting records present a true and fair view Types of Audit There are two types of audit namely Statutory audit and Tax audit What is Statutor

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

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Updated on : 8/20/2017 9:28:46 AM


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