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applicability of tax audit.

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25 September 2008 A firm has a gross turnover of Rs.3996000 from business profession. It has also a income of Rs 5000 from other sources(i.e interesr income). Whether he is liable for tax audit or not.
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CA RAMESH KUMAR AHUJA

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CA RAMESH KUMAR AHUJA (Expert)
25 September 2008 No, provisions of section 44AB are not applicable
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
25 September 2008 Since the gross receipts from business or profession is < Rs.40 Ls section 44AB of the Income tax act,1961 is not aplicable.
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Ravikumar.G

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Ravikumar.G (Expert)
25 September 2008 If that interest income which is incidental to the business it will be treated as business income in that situation Tax audit is applicable.
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CA RAMESH KUMAR AHUJA

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CA RAMESH KUMAR AHUJA (Expert)
25 September 2008 Dear Ravikumar ji,
Even then the Tax Audit is not required.
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