audit limit
This query is : Resolved
Guest
Guest
(Querist)
18 August 2009
my client Mr.X [an individual] has -2- business:
1. production of cloth [proprietary concern] - turnover p.a. rs.35 lakhs.
2. truck hiring business [proprietary concern] - presumptive taxation optrion availed - turnover p.a. rs.10 lakhs.
now as on 31-03-2009, for computation of audit limit u/s. 44AB business no.2 will be considered?
will x be subject to audit for AY 2009-10?
1. production of cloth [proprietary concern] - turnover p.a. rs.35 lakhs.
2. truck hiring business [proprietary concern] - presumptive taxation optrion availed - turnover p.a. rs.10 lakhs.
now as on 31-03-2009, for computation of audit limit u/s. 44AB business no.2 will be considered?
will x be subject to audit for AY 2009-10?
18 August 2009
In considering the monetary limit u/s 44AB the gross receipts of truck hiring business (covered u/s 44 AE) can be excluded. Ref:- sub section 5 of section 44AE. Accordingly tax audit is not applicable in AY 09-10.
18 August 2009
Agree
Guest
Guest
(Querist)
18 August 2009
thank u Sir...
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