Audit u/s 44ab of income tax act
This query is : Resolved
ROOP A RAJANI
(Querist)
25 September 2011
One of my client proprietor of firm engaged in business of developing and building of commercial / residential complexes, 2010-2011 is his first previous year. he has purchased the plot started construction on it, till 31/03/2011 the project was in progress i.e incomplete.he follows project completion method for revenue recognition. he invested his funds , quasi loans and booking amounts from prospective buyers, total exceeded to more than 100 lacs.
advise whether provisions of tax audit are applicable. and what are ICAI guidelines / SAP provisions in this regard.
thanks.
advise whether provisions of tax audit are applicable. and what are ICAI guidelines / SAP provisions in this regard.
thanks.
CMA Nishad Patkar
(Expert)
25 September 2011
Dear Roop
As per Sec. 44AB of Income Tax Act, Tax Audit is mandatory, if Total Income Exceeds Rs. 60 Lakh in previous year. Revenue should be appeared on the face of Profit and Loss A/c.
Regards,
Nishad
Dear Roop
As per Sec. 44AB of Income Tax Act, Tax Audit is mandatory, if Total Income Exceeds Rs. 60 Lakh in previous year. Revenue should be appeared on the face of Profit and Loss A/c.
Regards,
Nishad
CA Ayush Agarwal
(Expert)
25 September 2011
Yes, Tax Audit is applicable,
If Exceeds Rs. 60Lacs/- Gross receipts.
If Exceeds Rs. 60Lacs/- Gross receipts.
26 September 2011
The experts have clarified the issue and I agree with them
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
- EPF ECR NEW FILE SEP 17TH 2026
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- Non filing of I T Returns
- TAX AUDIT ON PROFESSIONAL INCOME
- Capitalgain tax purposes for valuation report compulsory
- Oct 2025 Invoices
- Under marginal scheme
- TDS on Fixed Assets purchased
- How to Handle Active E-Invoices in GST Portal Deleted from Tally?
- GST on Renting godown to KFCSC for Storage of Raagi
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- 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
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- 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
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
