Querry About Sec 44AB
This query is : Resolved
07 March 2008
I want to Know that Whether a Proprietory concern having a sale of Rs21.00 lacs and purchases of 1.00 lacs then we he fall under Compulsory Audit of Sec 44 AB.
Chintan Gajjar
(Expert)
07 March 2008
For a proprietory concerned engaged in business of trading or manufacturing, he will required to get his accounts audited u/s 44AB only if his turnover of sales exceeds Rs. 40 Lacs.
07 March 2008
44AB COVERS ALL CASES WHERE THE GROSS SALES OR GROSS RECEIPTS EXCEED RS. 40 LAKHS P.A.
IT IS IMMATERIAL AS TO THE TYPE OF ORGANISATION , LIKE COMPANY /FIRM/PROPRIETOR.
R.V.RAO
IT IS IMMATERIAL AS TO THE TYPE OF ORGANISATION , LIKE COMPANY /FIRM/PROPRIETOR.
R.V.RAO
S.Srinivasaraghavan
(Expert)
07 March 2008
if carrying on profession, if the gross receipts in profession exceed ten lakh rupees in any previous year;
07 March 2008
IN CASE OF PROPRIETORSHIP FIRM SALES EXCEEDING 40 LAKH IN CASE OF MANUFACTURING/TRADING SHALL BE LIABLE FOR 44 AB AND IN CASE OF PROFESSION GROSS RECEIPTS EXCEEDING RS.1000000/- SHALL BE LIABLE FOR 44 AB
07 March 2008
YES, GROSS SALES LIMIT OF RS. 40 LAKHS P.A. FOR BUSINESS AND GROSS RECEIPTS LIMIT OF RS. TEN LAKHS P.A FOR PROFESSIONALS APPLY FOR TAX AUDIT UNDER SEC 44 AB
R.V.RAO
R.V.RAO
07 March 2008
Turnover limit is rs. 40 Crores.
But,make sure that in case of retail business, u show ur net profit above 5% of turnover.Otherwise, u will be liable to maintain books of accounts u/s 44AA and audit u/s 40AB
But,make sure that in case of retail business, u show ur net profit above 5% of turnover.Otherwise, u will be liable to maintain books of accounts u/s 44AA and audit u/s 40AB
CA J M Pattanayak
(Expert)
08 March 2008
Hey the proprietory concerns turnover is less than 40 lacks hence its not attracted by Tax audit.
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