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44AB

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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

Guidance Note on tax Audit u/s 44AB of the Income-Tax Act, 1961 - Edition 2014


Guidance Note on tax Audit u s 44AB of the Income Tax Act 1961 Edition 2014 Detailed information has been attached herewith

Revised Form 3CA-3CD & Form 3CB-3CD now available


Revised Form 3CA 3CD Form 3CB 3CD along wth updated with Schema is now available for e Filing Form 3CA 3CD Audit report under section 44AB of the Income tax Act 1961 in a case where the accounts of the business or profession of a personhave beenaudited under any other law Click here to Download Form

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Experts Opinions

For tax audit u/s 44ab we required to considered all heads


Dear Professionals One Assessee had below mentioned heads of incomes for the Financial Year 2015 16 Income from Business is Rs 93 87 749 income from House property is Rs 6 60 714 Income from Other Sources Rs 9 459 Income From Salary Rs 60 000 Total Amount 1 01 17 922 Is the Individual covered unde

Section 44ab of income tax act 1961- tax audit


Dear All With ref to above section my query is A private Limited Company having Consultancy Service Income more than Rs 25 Lacs in F Y 2015 16 Whether the above section and Tax Audit be applicable on the Company Will above be included in busines Income Limit 1 Crore or n professional Income Rs 25Lac

Tax audit applicability - 44ab


Dear Sir Total Sales excluding service tax during the year 2015 16 is Rs 95 69 401 and Total sales including service tax is Rs 1 04 53 499 Please let me know for tax audit 44AB turnover of Rs 1 00 00 000 is applicable before service tax or after service tax Whether tax audit is applicable for above

Tax audit of accounts u/s-44ab


I want to know whether an assessee have to tax audit u s 44ab of his business accounts in the following circustances 1 Turnover yearly Rs 9900210 00 But want to show net profit 5 42 of total turnover Assessee maintain all the books of accounts properly 2 If assessee have two business to reach total

Audit u/s 44ab date extended??


Please let me know whether date for submission of Audit report u s 44ab has been extended or just Income tax return filing due date u s 139 1 has been extended till 17th Oct

Discussion

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

Section 44ab

Dear Experts Please solve below query A limited company having gross turnover less than Rs 1 crore and having net profit of 5 is liable to get their accounts audited under income tax act

Applicablity of section 44ad & 44ab

Sir MY COMPUTATION IS AS UNDER 1 HOUSE PROPERTY INCOME NET 291230 2 Business Income a Speculative PROFIT 129467 b F O t o 1191089 Actual Loss 141806 PROFIT As per 44AD 8 95288 3 Short Term Loss 437394 C OTHER INCOME 85725 D Decductions u s VIA 168921 Am I liable to audit I have filed first ITR 3 and

Sub: section 269ss and 269 t , (44ab)

Sir Section 269SS and Section 269T is applied only for 44AD or all casses please adice

Want to file return of income under 44ab and not 44ad for the ay 16-17

PARTNERSHIP FIRM ENGAGED IN THE BUSINESS OF TRADING AND HAVING TURNONER RS 68 LAKHS AND NET PROFIT RS 1 71 LAKHS DOES NOT WANT TO FILE ITS RETURN UNDER 44AD BUT INSTEAD WANTS TO FILE ITS RETURN UNDER THE NORMAL PROVISION OF THE IT ACT CAN IT DO SO AND OR WILL AUDIT U S 44AB OF IT ACT BECOME APPLICAB

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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 : 9/24/2016 8:10:10 AM


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