Tax audit
This query is : Open
11 May 2013
One of my client engaged in retail business has total turnover of Rs.6000000. His total profit is 275000 which is less then 8% prescribed u/s 44AD. However his total income after deduction is 112000 which is less than the basic exemption limit. Is he Liable to Tax Audit u/s 44AB?
Pls do reply urgently.
Pls do reply urgently.
Guest
Guest
(Expert)
12 May 2013
Yes he is liable for tax audit u/s 44 AB, if he declares the income lower than presumptive income.
And the proposed income is more than the basic exemption limit
And the proposed income is more than the basic exemption limit
12 May 2013
It means if his total income after deduction is lower basic exemption limit then he is not liable to audit even if he declares business income at the rate below the presumptive rate of income u/s 44AD.
Guest
Guest
(Expert)
12 May 2013
in my opinion proposed income means the income declare as business income i.e the income before deduction.
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
- Supply through E-commerce Operators
- Rent lease agreement
- Relief u/s Section 89
- REGARDING SECTION 44AE
- Merchant Export Accounting
- Taxation on LTCG for property sold after 24JUL2024
- REGARDING GST LIABILITY/....
- GST Registration Horse racing
- Section 43B(h) – MSME Invoice Paid Before Year End but After 45 Days
- Sales return eway bill
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
