applicability of sec 44ab of it act
This query is : Open
Querist : Anonymous
Querist :
Anonymous
(Querist)
04 December 2010
A COMPANY HAVING i)INTEREST INCOME 5LAC
ii)sales 2lac
iii) profit from aop 100 lac
My question is since profit from AOP is exempted, whether it will be included in the turnover or gross receipt to calculate the limit for tax audit U/S 44AB and in the above circumstances the company is liable to tax audit.
ii)sales 2lac
iii) profit from aop 100 lac
My question is since profit from AOP is exempted, whether it will be included in the turnover or gross receipt to calculate the limit for tax audit U/S 44AB and in the above circumstances the company is liable to tax audit.
05 December 2010
Profits from AOP and interest income of Rs 5.00lac will not form part of Turnover U/s 44AB. Hence, Tax Audit is not required.
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