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Running & Maintaining Bus

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Querist : Anonymous

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Querist : Anonymous (Querist)
24 June 2010 Running & Maintaining of Bus (Travels) are comes under Business or Service? and what is the applicability of audit on the same i.e. 10 lac or 40 Lac
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
24 June 2010 Running Buses is Service nature only but not a professional categary hence the limit is Rs.40 lacs
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CA. BIJENDER KR. BANSAL

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CA. BIJENDER KR. BANSAL (Expert)
24 June 2010 IT is a service of tour & transport.
For tax audit : 40 Lacs will be taken.
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deepak K Gujrati

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deepak K Gujrati (Expert)
24 June 2010 As per Section 44 AA running and maintaining of bus is not a professional service. Hence limit of Rs 40 lacs [ now 60 lacs from AY 2011-12] will be applicable
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