Film produccer is proprietor-cost of prdn 3 cr-tax audit ??
This query is : Resolved
CA Abhishek Singh
(Querist)
04 February 2013
Hello everyone,
one of my client Mr.X is proprietor. He stated production of film for the first time in nov 2011.
He was not liable for tax audit in financial year 2010-11.
his total cost of production upto 31st march 12 and 01/01/2013 was Rs.1 cr and 4 crores respectively.
He will be selling the rights to the distributor in the month of april 2013.
My question :
1.
whether he is liable to get his accounts audited under the income tax act for the financial year 11-12 and 12-13 ?
waiting urgently for your reply ?
one of my client Mr.X is proprietor. He stated production of film for the first time in nov 2011.
He was not liable for tax audit in financial year 2010-11.
his total cost of production upto 31st march 12 and 01/01/2013 was Rs.1 cr and 4 crores respectively.
He will be selling the rights to the distributor in the month of april 2013.
My question :
1.
whether he is liable to get his accounts audited under the income tax act for the financial year 11-12 and 12-13 ?
waiting urgently for your reply ?
Ranjan Dayal
(Expert)
05 February 2013
As Per Section 44AB of The income tax Act,condition of applicability of Tax Audit is based on the Turnover or Gross Receipt of Business during the Fin. Year.
In your Case the the turnover of the business in the fin. year 11-12 & 12-13 is nil . Accordingly Tax audit is Not Applicable for the said Financial Year.
In your Case the the turnover of the business in the fin. year 11-12 & 12-13 is nil . Accordingly Tax audit is Not Applicable for the said Financial Year.
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