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

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

Audit u/s 44ab of aop/boi


Dear sir I am doing audit of AOP having more than 200 member whether I have to give names of all the members in form 3CA

Audit u/s 44ab of aop/boi


Dear Sir Whether form 3CA is applicable for audit of AOP BOI OR FORM 3CB

Tax audit 44ab


Turnover limit

44ada v/s 44ab -contradiction -help required


A professional whose gross receipt is 45 lakhs assume 2017 18 financial year He claimed his income as 20 lakhs lower than presumptive rate u s 44ADA ie 50 Sec 44ADA 4 requires his accounts is to be audited u s 44AB My doubt is that even if there is no 44ADA his accounts is to be audited u s 44AB b b

Discussion

Meaning of turnover under section 44ab

Dear Experts As per Section 44AB of the Income Tax Act an assessee whose turnover from profits and gains from business or profession exceeds Rs 1 00 00 000 during the Financial Year shall mandatorily get its books of accounts audited under the said section However I am little bit confused regarding

44AB

Frds can anybody tell me that what limits for sec 44AB will be applicable for may 17 final exam in audit

Revise tax audit report u/s 44ab

Hello experts I have efiled a tax audit report for the AY 2015 16 But there is a mistake in 3 CD Employee PF paid dates are not correct Is there any problem Should I need to file a revised Tax audit report If so how to file a revised tax audit report Please help

Regarding 44ab (presumptive income)

My client is a doctor she was getting around 13 Lakhs p a under salary and in her form 16 i can see clearly TDS was deducting u s 192 and not under 194J can i file ITR4Sinstead of ITR1 to avail benifit under presumptive taxation

Regarding 44ab (presumptive income)

My client is a doctor she was getting around 13 Lakhs p a under salary and in her form 16 i can see clearly TDS was deducting u s 192 and not under 194J can i file ITR4Sinstead of ITR1 to avail benifit under presumptive taxation

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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 : 4/30/2017 7:38:08 PM


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