Tax audit
This query is : Resolved
01 August 2013
I am a individual having business loss. ,However, my Total income exceed the treshhold limit (exemption limit). I want to know that whether Tax Audit is applicable on me as per sec 44AB.
01 August 2013
Under clause (d) of Section 44AB, you are liable to get your accounts audited and file
the tax audit report.
.
Section 44AD(5) prescribes audit in such a case. Incidentally, I have come across the first query in which in spite of business loss, tax audit is required to be carried on.
.
the tax audit report.
.
Section 44AD(5) prescribes audit in such a case. Incidentally, I have come across the first query in which in spite of business loss, tax audit is required to be carried on.
.
Message likes :
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01 August 2013
Sir,
Thanks for the reply.
But I had confusion regarding clause(d) of setion 44AB. The two condition present say:
1) Business Income is less than 8% of the Turnover.&
2) Income exceeds maximum amount not chargeable to tax.
So, my query is my business income is below the threshold limit & as per my understanding both condition are required to be satisfied for tax audit.
Sir Please guide me interpret the provision.
Thanks & Regards
Thanks for the reply.
But I had confusion regarding clause(d) of setion 44AB. The two condition present say:
1) Business Income is less than 8% of the Turnover.&
2) Income exceeds maximum amount not chargeable to tax.
So, my query is my business income is below the threshold limit & as per my understanding both condition are required to be satisfied for tax audit.
Sir Please guide me interpret the provision.
Thanks & Regards
01 August 2013
Condition No 2.
2) Income exceeds maximum amount not chargeable to tax
.
Read this as
2) Total Income exceeds maximum amount not chargeable to tax
.
Total Income means Income under all the heads less Deductions of chapter VIA.
.
Condition 1 is already complied with.
.
2) Income exceeds maximum amount not chargeable to tax
.
Read this as
2) Total Income exceeds maximum amount not chargeable to tax
.
Total Income means Income under all the heads less Deductions of chapter VIA.
.
Condition 1 is already complied with.
.
01 August 2013
Ok Sir. Thanks you very much.
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