Tax audit
This query is : Resolved
17 September 2012
Sir/Madam
A person who has a trading unit whose total sale is more than 1 crore. He has a truck so can he audited the trading accounts only and take the income of Rs. 60000 from truck business u/s 44AF
A person who has a trading unit whose total sale is more than 1 crore. He has a truck so can he audited the trading accounts only and take the income of Rs. 60000 from truck business u/s 44AF
17 September 2012
Section 44AB states that the gross receipt more 1cr needs to maintained the books & needs to get the accounts audited.
If i understood the question properly then, the person he running the business of renting the truck & the annual gross receipt is less than 1cr. Sec 44AF, Rs.5K per month of part thereof can be considered as income (assuming the expenses sec 28-38 is already granted) & who owns not more than ten goods carriages any time during the year.
If you meet the condition :
1. Gross receipt less than 1cr
2. & owns not more than 10 trucks any time during the year.
Then you can show the income of 5k per month i.e. 60K for year.
If i understood the question properly then, the person he running the business of renting the truck & the annual gross receipt is less than 1cr. Sec 44AF, Rs.5K per month of part thereof can be considered as income (assuming the expenses sec 28-38 is already granted) & who owns not more than ten goods carriages any time during the year.
If you meet the condition :
1. Gross receipt less than 1cr
2. & owns not more than 10 trucks any time during the year.
Then you can show the income of 5k per month i.e. 60K for year.
09 October 2021
Yes, only business income will be audited, not goods carriage income.
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