44ae - help pls
This query is : Resolved
23 October 2017
DEAR EXPERTS
ASSESSEE TURNOVER IN HIS TRADING BUSINESS IS 3 CRORES. HENCE HE IS LIABLE FOR TAX AUDIT. HOWEVER HE BUYS A LORRY IN THE PREVIOUS YEAR. CAN HE SHOW INCOME AT RS 7500 PER MONTH FOR THE LORRY OR ELSE HE NEEDS TO MAINTAIN BOOKS OF ACCOUNTS FOR THE SINGLE LORRY.
PLEASE REPLY
ASSESSEE TURNOVER IN HIS TRADING BUSINESS IS 3 CRORES. HENCE HE IS LIABLE FOR TAX AUDIT. HOWEVER HE BUYS A LORRY IN THE PREVIOUS YEAR. CAN HE SHOW INCOME AT RS 7500 PER MONTH FOR THE LORRY OR ELSE HE NEEDS TO MAINTAIN BOOKS OF ACCOUNTS FOR THE SINGLE LORRY.
PLEASE REPLY
23 October 2017
The limit of Tax Audit is applicable for business wise only.
So, you can opt of 44AE and do tax audit for trading business. Case Law (CIT Vs Dr. K. Sathish Shetty 2010)
Why can't you follow me for more active discussions and Knowledge updates, follow me on Twitter @CAysilkarunai
So, you can opt of 44AE and do tax audit for trading business. Case Law (CIT Vs Dr. K. Sathish Shetty 2010)
Why can't you follow me for more active discussions and Knowledge updates, follow me on Twitter @CAysilkarunai
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