gross receipts & tax audit
This query is : Resolved
G Krishnamohan
(Querist)
09 November 2007
whether gross collection of the cinema (Playing motion pictures)theatre collections come under turnover for the purpose of 44AB.
10 November 2007
UNDER SEC. 44 AB IF A PERSON IS CARRYING ON BUSINESS, AND IF THE TOTAL SALES, TURNOVER OR GROSS RECEIPTS IN BUSINESS FOR THE PREVIOUS YEAR RELEVANT TO THE ASSESSMENT YEAR, EXCEED RS. 40 LAKHS , SUCH PERSON IS COVERED UNDER TAX AUDIT.
ACCORDINGLY IN THE CASE REFERRED BY YOU , IF THE GROSS COLLECTIONS EXCEED RS 40 LAKHS, TAX AUDIT NEEDS TO BE DONE AND REPORT SUBMITTED.
R.V.RAO
ACCORDINGLY IN THE CASE REFERRED BY YOU , IF THE GROSS COLLECTIONS EXCEED RS 40 LAKHS, TAX AUDIT NEEDS TO BE DONE AND REPORT SUBMITTED.
R.V.RAO
10 November 2007
Answer given by Sri R.V.Rao is in consonance with the view of ICAI.
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