21 October 2007
SEC 44 AB STIPULATES TAX AUDIT IN CASE OF 1.PERSON CARRYING ON BUSINESS ,WHEN THE SALES/TURNOVER OR GROSS BUSINESS RECEIPTS OF THE PREVIOUS YEAR EXCEED RS. FORTY LAKHS. 2.IN CASE OF PERSON CARRYING A PROFESSION WHEN GROSS PROFESSIONAL RECEIPTS EXCEED RS. TEN LALKHS IN THE PREVIOUS YEAR 3. A RERSON COVERED UNDER SEC. 44 AD,44AE,44AF,44BB,44BBB WHEN SUCH PERSON CLAIMS THAT THE PROFITS AND GAINS FROM THE BUSINESS ARE LOWER THAN THE PROFITS COMPUTED UNDER THESE SECTIONS.(IRRESPECTIVE OF TURNOVER) THE DUE DATE OF FILING THE TAX AUDIT REPORT IS 31 ST OCTOBER ALONGWITH THE RETURN OF INCOME.BUT NO ATTACHMENTS ARE ALLOWED IN E FILING. BUT THE TAX AUDIT REPORT HAS TO BE MADE BY THAT DATE AND NEEDS TO BE SUBMITTED AT THE TIME OF MANUAL FILING ( WHEN A RETURN OF INCOME IS FILED WITHOUT DIGITAL SIGNATURE)OR DURING REGULAR OR SCRUTINY ASSESSMENTS. R.V.RAO
21 October 2007
1. Retailer Profit below 5% on Turnover 2. Contractor Net Profit below 8% 3. Gross Receupt Monthly below Rs. 3000/- on Vehcile. 4. Gross Receipt avobe 40 Lakhs is compolsary for Audit if Audit Report Submit before 31st Oct' other wise penalty charges from Income Tax Department.
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