Applicability of tax audit
This query is : Resolved
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
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
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- TDS CREDIT MISMATCHING
- Buy back of shares u/s69
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- Difference between Date of Payment and Date of Deduction?
- Unregistered suppliers utility
- ITDS U/S.194T of Firm
- EXPORT COMMERCIAL INVOICE HSN CODE
- GST Rate for Catering Services
- LIC maturity claim whether taxable
- TDS AND ITR ISSUE
- Non-Compliance documents have not been submitted by the contractors debited
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
