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.
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