Tax Audit

This query is : Resolved

arundavid (Querist)
Follow

18 December 2009 Hi

I have a client who has got retail business.

He never exceeds Rs.40 Lakhs Turnover from his direct retail business. But, in case i consider the other income and commission(all other indirect incomes) for the turnover calculation, the turnover limit(u/s44AB) exceeds.

So, can anyone of you help me to sort it out whether this specified assessee will come under tax audit??????

Aditya Maheshwari

Aditya Maheshwari (Expert)
Follow

18 December 2009 Applying the monetary limit - Receipts of assessee by way of sale or trading business and receipts for doing job work can be clubbed for finding out whether limit of Rs. 40 lakhs prescribed for attracting proviÂsions of section 44AB is made out - Bajrang Oil Mills v. ITO [2007] 163 Taxman 154/295 ITR 314 (Raj.).

So u have to add all business income

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now