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

Tax audit u/s 44ab


Dear sir i want to know whether disclosure requirements as per icds is mandatory in form 3cb 3cd or it has to be made only when my income tax computation differs from icds kindly reply

Person liable for tax both under sec 44ab and sec 44ada


Dear Experts Kindly answer my query regards how should a person file for tax which ITR etc for AY 2017 18 who is liable for tax under both Sec 44AB i e running a professional services provider outfit with gross revenue under Rs 1 Cr and with personal professional consulting income with gross revenue

audit under section 44AB


firm engaged in finance business gross interest received RS 120 lakhs whether 44AB is applicable or not

Audit u/s 44ab or not


I am Manpower Service provider In F Y 2016 17 provide service of Rs 49 Lacs My question is that according to new sec 44 ADA if i do not want to get my books audited i have to declare profit of 50 of service provided Or can i file ITR 3 with declare less than 50 profit

Sec 44ab


Assessee has T O of 85 lakhs in p y 17 18 and he does not declare income 8 u s 44AD instead he declare an income of 2 3 lakhs Whether he requires to get his accounts audited

Discussion

Applicabe limit for audit u/s 44ab

One of my Client has Gross Turn Over of Rs 1 34 Crore and has all Transactions are Non Cash Transaction Whether Rs 2 00 Crore Limit of Audit applicability is applicable to Him Net Profit is about 7 5

Clause u/s 44ab

Under which clause of 44AB a person is required to get his accounts audited if he declare profit below 8 of turnover U S 44AD

tax audit U/s 44AB

who is liable to conduct tax audit U s 44AB of the income tax act 1961

Query regarding 44ab

IF A RURAL AGRICULTURAL LAND IS SOLD FOR RS 15 CRORES AND IT WAS PURCHASED FOR RS 10 LAKH AND ASSESSEE HAS BUSINESS TURNOVER LESS THE LIMIT PRESCRIBED U S 44AB i e 1 CRORE DOES SALES TURNOVER RECEIVED FROM SALE OF RURAL AGRICULTURAL LAND i e 15 CRORES WOULD FORM PART OF TURNOVER FOR THE PURPOSE OF S

Audit u/s 44ab

An assessee Pvt Ltd Company has got its accounts audited under section 44AB in previous periods but it is not eligible for tax audit in A Y 2017 18 Is the company still required to get its accounts audited u s 44AB in A Y 2017 18

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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 : 6/24/2017 7:05:08 AM


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