AUDIT U/S 44AB SALES ARE RS.39 LAKHS
This query is : Resolved
24 April 2008
A FIRM WHOSE PURCHASES ARE RS 42.LAKHS AND SALES ARE RS.39 LAKHS ARE LIABLE TO TAX AUDIT PL.ANY CASE LAW
24 April 2008
if the total sales are less then 40 lakhs then tax audit is not required
24 April 2008
IN SEC. 44AB UNDER SUB SEC.(a) IT IS STATED THAT EVERY PERSON CARRYING ON BUSINESS SHALL, IF HIS TOTAL SALES,TURNOVER OR GROSS RECEIPTS ......EXCEED RS. FORTY LAKHS IN THE PREVIOUS YEAR.....GET HIS ACCOUNTS OF SUCH PREVIOUS YEAR AUDITED BY AN ACCOUNTANT....
THEREFORE IT IS CLEAR THAT SALES OR TURNOVER IS THE CRITERION FOR TAX AUDIT BUT NOT PURCHASES.
NO NEED FOR CASE LAW WHERE THE SECTION OR SUBSECTION EXPRESSLY STATE THE REQUIREMENT UNDER LAW.
R.V.RAO
THEREFORE IT IS CLEAR THAT SALES OR TURNOVER IS THE CRITERION FOR TAX AUDIT BUT NOT PURCHASES.
NO NEED FOR CASE LAW WHERE THE SECTION OR SUBSECTION EXPRESSLY STATE THE REQUIREMENT UNDER LAW.
R.V.RAO
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