Section 44ab
This query is : Resolved
Srinivas Sharma KN
(Querist)
06 August 2012
Section 44AB reads... Every person,—
(a) carrying on business shall, if his total sales, turnover or gross receipts, as the case may be, in business exceed or exceeds [sixty lakh rupees]] in any previous year;
....
Here section states... any previous year...
If the turnover in FY 2009-10 is Rs. 75 lakhs; FY 2010-11 is Rs. 41 lakhs; FY 2011-12 Rs. 35 lakhs. Whether he is needs to be audited u/s 44AB? Let us also assume his profit is also more than 8% in FY 2011-12
(a) carrying on business shall, if his total sales, turnover or gross receipts, as the case may be, in business exceed or exceeds [sixty lakh rupees]] in any previous year;
....
Here section states... any previous year...
If the turnover in FY 2009-10 is Rs. 75 lakhs; FY 2010-11 is Rs. 41 lakhs; FY 2011-12 Rs. 35 lakhs. Whether he is needs to be audited u/s 44AB? Let us also assume his profit is also more than 8% in FY 2011-12
Amol S Joglekar
(Expert)
06 August 2012
yearwise limits are notified by the Govt. Accordingly the tax audit is carried out. for fy 12-13 limit is 1 crore
CA PARAS BAFNA
(Expert)
06 August 2012
For AY 2012-13 relevant to FY 2011-12, he is not under the tax audit.
.
.
CA PARAS BAFNA
(Expert)
06 August 2012
Here any does not mean "any".
Your doubt about " any previous year"
will clarify if you will continue to read there after clause (d)
"get his accounts of such previous year...."
.
Your doubt about " any previous year"
will clarify if you will continue to read there after clause (d)
"get his accounts of such previous year...."
.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Gst credit note by supplier
- Missed uploading GST Invoice
- Movement of goods by packers and movers - type of sale - Reg.
- Query on effect of registration of property
- Due date for filing return for the partner in partnership subjected to Tax Audit
- GST on reimbursement of expenses
- Gratuity paid to legal heir above 20 lakh is taxable or not
- Wrong CMPo8 file
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
- ITC not to be taken in accounts & GSTR-3B
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
