ceiling limit for tax audit?
This query is : Resolved
07 February 2011
Please tell me ceiling limit for the purpose of Tax audit conducted u/s. 44AB of income tax act?
Please tell me ceiling limit for the purpose of Tax audit conducted u/s. 44AB of income tax act?
07 February 2011
Every person,—
(a) carrying on business shall, if his total sales, turnover or gross receipts, as the case may be, in business exceed or exceeds 74a[forty lakh rupees] in any previous year 75[***]; or
(b) carrying on profession shall, if his gross receipts in profession exceed 75a[ten lakh rupees] in any 76[previous year; or
(c) carrying on the business shall, if the profits and gains from the business are deemed to be the profits and gains of such person under 77[section 44AD or section 44AE or section 44AF] 78[or section 44BB or section 44BBB], as the case may be, and he has claimed his income to be lower than the profits or gains so deemed to be the profits and gains of his business, as the case may be, in any 79[previous year,]] 80[***]
The following clause (d) shall be inserted after clause (c) of section 44AB by the Finance (No. 2) Act, 2009, w.e.f. 1-4-2011 :
(d) carrying on the business shall, if the profits and gains from the business are deemed to be the profits and gains of such person under section 44AD and he has claimed such income to be lower than the profits and gains so deemed to be the profits and gains of his business and his income exceeds the maximum amount which is not chargeable to income-tax in any previous year,
get his accounts of such previous year 81[***] audited by an accountant before the specified date and 82[furnish by] that date the report of such audit in the prescribed form duly signed and verified by such accountant and setting forth such particulars as may be prescribed
(a) carrying on business shall, if his total sales, turnover or gross receipts, as the case may be, in business exceed or exceeds 74a[forty lakh rupees] in any previous year 75[***]; or
(b) carrying on profession shall, if his gross receipts in profession exceed 75a[ten lakh rupees] in any 76[previous year; or
(c) carrying on the business shall, if the profits and gains from the business are deemed to be the profits and gains of such person under 77[section 44AD or section 44AE or section 44AF] 78[or section 44BB or section 44BBB], as the case may be, and he has claimed his income to be lower than the profits or gains so deemed to be the profits and gains of his business, as the case may be, in any 79[previous year,]] 80[***]
The following clause (d) shall be inserted after clause (c) of section 44AB by the Finance (No. 2) Act, 2009, w.e.f. 1-4-2011 :
(d) carrying on the business shall, if the profits and gains from the business are deemed to be the profits and gains of such person under section 44AD and he has claimed such income to be lower than the profits and gains so deemed to be the profits and gains of his business and his income exceeds the maximum amount which is not chargeable to income-tax in any previous year,
get his accounts of such previous year 81[***] audited by an accountant before the specified date and 82[furnish by] that date the report of such audit in the prescribed form duly signed and verified by such accountant and setting forth such particulars as may be prescribed
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