Audit of accounts under income tax
This query is : Resolved
24 June 2009
Whether the accounts filed in case of a company with the tax authorities needs to be audited ? Given that the turnover of the company does not exceed INR 40 Lakhs , the limit specified u/s.44AB
24 June 2009
companies accounts needs to be audited under companies act irrespective of amount of turnover, however for applicability of audit under u/s. 44AB turnover must exceed 40 lacs
24 June 2009
Yes Mr. Sanjeev is correctly said audit of two acts are distinct to each other you can not take a stand that applicability of one act impose the applicability of second act.
Tax Audit will be carried out if the turnover of the co. exceeds Rs.40 lacs while in case of professinal receipt Rs.10 lacs.
Tax Audit will be carried out if the turnover of the co. exceeds Rs.40 lacs while in case of professinal receipt Rs.10 lacs.
24 June 2009
If the company is incorporated in Jan 2008 and the company takes the choice of filing accounts for an extended period of 15 months , i.e., 31 March 2009.
The company has two tax period ie., 31 March 2008 and 31 March 2009. Further, there is no turnover or the turnover does not cross the limit of INR 40 Lakhs. Then how will be the situation.
Company is required to get their accounts audited only once for statutory purpose under companies act and that will be for 31 March 2009.
Will the answer be the same?
The company has two tax period ie., 31 March 2008 and 31 March 2009. Further, there is no turnover or the turnover does not cross the limit of INR 40 Lakhs. Then how will be the situation.
Company is required to get their accounts audited only once for statutory purpose under companies act and that will be for 31 March 2009.
Will the answer be the same?
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
- Reopen of assessment proceeding
- TDS on Consultancy- Non DTAA
- Depreciation of fixed assets- coop housing society in mumbai
- COMMERCIAL INVOICE FOR MATERIAL AND FREIGHT
- Reprocessing of rectification order AY 2025-26
- FTS Taxable under 115A
- Gift Received from nonblood relative
- EXPORT BILL UNDER LUT FREIGHT CHARGE INCLUED IN INVOICE IT LIABLE TO TAX
- Rental income gst and it purpose
- Tax Audit u/s 44AB for Transport Business A proprietorship is engaged in transportation business and
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- 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
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
