Activity covered under tax audit or not?
This query is : Open
31 July 2011
Oli cleaning activity is whether covered under tax audit or not??
please its urgent so let me knw we have file return.
please its urgent so let me knw we have file return.
31 July 2011
Any activity resulting in income is covered
under the income tax act however whatever type of income is exempt from tax, it has specifically mentioned U/s 10 and under chapter VIA.
Tax audit provisions are applicable when the gross receipt or turnover exceeds Rs. 60.00 lacs in Oil Cleaning business.
If turnover is lesser than Rs. 60.00 lacs, you can show profit @ 8% or more of the turnover/gross receipts.
If turnover is lesser than Rs. 60.00 lacs, and profit is less than 8% of the turnover/gross receipts , tax audit will be required.
under the income tax act however whatever type of income is exempt from tax, it has specifically mentioned U/s 10 and under chapter VIA.
Tax audit provisions are applicable when the gross receipt or turnover exceeds Rs. 60.00 lacs in Oil Cleaning business.
If turnover is lesser than Rs. 60.00 lacs, you can show profit @ 8% or more of the turnover/gross receipts.
If turnover is lesser than Rs. 60.00 lacs, and profit is less than 8% of the turnover/gross receipts , tax audit will be required.
31 July 2011
For Tax Audit Provision of Section 44AB and 44AA are applicable.
If turnover is above 60L you are covered under Tax Audit and for professional if Gross fee receipt is 15 L then it is also covered under Tax Audit.
There is no distinction in nature of business for Tax audit
If turnover is above 60L you are covered under Tax Audit and for professional if Gross fee receipt is 15 L then it is also covered under Tax Audit.
There is no distinction in nature of business for Tax audit
02 August 2011
Thank you Sir for your expert knowledge. We are registered under service tax for oil celaning activity and our gross receipts have crossed Rs. 15L so we want to confirm that weather we have to audit or not? As per definition of professional u/s 44 professional includes vocation & Vocational includes technical consultant and our job is same as technical consultant so weather we are covered under audit or not? can u help me on dis????
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