audit liability as per sec 44ab
This query is : Open
Ankit Kumar Agrawal
(Querist)
23 July 2011
a person engaged in business of consignment agent and his gross receipt from commission rs. 28000/- and he has maitain books of accounts. as per books of accounts his business loss is rs. 7000/- after claim expenses. so tell me audit of book is mendatory or not
CA PARAS BAFNA
(Expert)
23 July 2011
As his total income does not exceed 1.60 lacs, he is not required to get his accounts audited. (Section 44AD(5) )
Ankit Kumar Agrawal
(Querist)
01 August 2011
whats will treatment if rs. 28000/- is receipt of firm.
CA PARAS BAFNA
(Expert)
01 August 2011
What is meant by receipt of firm?
whether the firm is receiving money from partners or from debtors ?
whether the firm is receiving money from partners or from debtors ?
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