Applicability of tax audit
This query is : Resolved
Nachiket Jakhetiya
(Querist)
30 June 2010
sir,
as per sec 44AB applicabilty of tax audit depends upon prescribed amt of sales, turnover or gross receipts are achieved.
pls tell me the meaning of "gross receipts". whether gross receipts includes income from other sources as interest, gift, winning and so on.
and if firm is having diversified business lines as investment,trading in securities and other business then will the interest form part of gross receipts?
Nachiket
as per sec 44AB applicabilty of tax audit depends upon prescribed amt of sales, turnover or gross receipts are achieved.
pls tell me the meaning of "gross receipts". whether gross receipts includes income from other sources as interest, gift, winning and so on.
and if firm is having diversified business lines as investment,trading in securities and other business then will the interest form part of gross receipts?
Nachiket
Vimal Saini
(Expert)
30 June 2010
No, Gross Recipts is considered only for Principle Business(Main Business) for the purposs of Sec. 44B.
If a person is running two different business, for Tax Audit Applicability Receipt of Main Business will be considered. Now thats depends on the judgement of Assessee, which he took as Main Business.
For futher calarification you can call/ mail me at 9871446653/vimal.saini@akgvg.com
If a person is running two different business, for Tax Audit Applicability Receipt of Main Business will be considered. Now thats depends on the judgement of Assessee, which he took as Main Business.
For futher calarification you can call/ mail me at 9871446653/vimal.saini@akgvg.com
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