Sec 44ab
This query is : Resolved
25 October 2013
Dear Experts,
I need your valued advise/help regarding the following matter. Pls help.
A firm deal in building material (Retail)and its turnover of Rs. 83 lakhs during F.Y. 12-13. Book profit is Rs. 12500/-(approx. 0.14% on Sales) & partner's remuneration is NIL. Tax pable on Rs. 12500/- is 3863/- and Adv tax paid in sep-12 was Rs. 30,000/-.
in this circumstances is tax audit required or not?
Thanks in advance.
Dulal Chatterjee
I need your valued advise/help regarding the following matter. Pls help.
A firm deal in building material (Retail)and its turnover of Rs. 83 lakhs during F.Y. 12-13. Book profit is Rs. 12500/-(approx. 0.14% on Sales) & partner's remuneration is NIL. Tax pable on Rs. 12500/- is 3863/- and Adv tax paid in sep-12 was Rs. 30,000/-.
in this circumstances is tax audit required or not?
Thanks in advance.
Dulal Chatterjee
25 October 2013
Assessee can claim lower income than 8% , but following provisions are applicable in that case
1. Aseesee is required to maintain books of accounts and the same will required to be audited under section 44AB{Tax Audit}.
2. The all provisions of advance tax payment than applicable in this case.
1. Aseesee is required to maintain books of accounts and the same will required to be audited under section 44AB{Tax Audit}.
2. The all provisions of advance tax payment than applicable in this case.
26 October 2013
Agreed with above ans.
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