Audit u/s 44ad with reference to 44ab
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
05 August 2011
HELLO....
IS AUDIT DONE U/S 44AD WITH REFERENCE TO SEC 44AB IS CONSIDER IN THE CEILING LIMIT OF 45 OR NOT?
IF INCLUDED IN CEILING LIMIT THEN PLEASE GIVE REFERENCE OF CLAUSE OR SEC AS PER CA ACT 1949,OR REGULATIONS.
IS AUDIT DONE U/S 44AD WITH REFERENCE TO SEC 44AB IS CONSIDER IN THE CEILING LIMIT OF 45 OR NOT?
IF INCLUDED IN CEILING LIMIT THEN PLEASE GIVE REFERENCE OF CLAUSE OR SEC AS PER CA ACT 1949,OR REGULATIONS.
05 August 2011
As per a Council decision, audits of accounts of persons carrying on business covered by sections 44AD, 44AE or 44AF, 44BB or 44BBB is not included in the aforesaid limit. As per Finance Act 2003, section 44BB and section 44BBB have also been added to aforementioned three sections. [Para 9.16 of the Guidance Note on Tax Audit under section 44AB of the Income Tax Act, 1961 (Revised 2005 edition) issued by the ICAI].
CA MANOJ GUPTA
JODHPUR
09828510543
CA MANOJ GUPTA
JODHPUR
09828510543
05 August 2011
ICAI general guidelines,2008 also reiterates the above observation.
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